A new fintech company which I was introduced to earlier this year. Currensea Card Belizean Dollar…
It has actually won a couple of awards over recent months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the money is taken from your bank account– just without the normal 3% fee.
Oh, and is free to look for, which likewise assists.
There are likewise some intriguing travel benefits if you select a paid strategy, but the totally free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or more affordable than the competition
include a growing number of features which your existing customers do not actually want or require
include charges, limitations or costs to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Belizean Dollar
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, an extremely basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. There are no charges if you have among their paid cards.
You get an automated spend alert through the app, if you select to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (often in a different language) while not telling you about the outrageous currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards assures big savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less worry about lacking money and the additional step. That does not indicate it is best.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, allowing us to make profits from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, full information can be found on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost likewise gets rid of all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Belizean Dollar