A brand-new fintech business which I was presented to previously this year. Currensea Card Can Be With A Different Name…
It has actually won a few awards over current months for what it does (offering you an affordable method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your current account– simply without the usual 3% cost.
Oh, and is complimentary to get, which also helps.
There are also some fascinating travel advantages if you pick a paid plan, but the free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or more affordable than the competition
add more and more functions which your existing consumers do not truly desire or need
include limitations, charges or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Can Be With A Different Name
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (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% forex costs, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, a really simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank instantly verifies that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated invest notice through the app, if you pick to install it.
The cash is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the journal, 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 arranged to leave my HSBC account a few days later on:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (typically in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Luckily recently a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards guarantees big cost savings (85%) and a great app.
However I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less stress over running out of money and the additional action. That does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, allowing us to make revenue from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full information can be discovered on our pricing plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Can Be With A Different Name