A brand-new fintech company which I was introduced to previously this year. Currensea Card Children…
It has actually won a couple of awards over recent months for what it does (offering you an affordable way to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your present account– just without the usual 3% cost.
Oh, and is totally free to look for, which likewise assists.
There are likewise some interesting travel advantages if you choose a paid plan, however the complimentary strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or more affordable than the competition
include more and more features which your existing consumers do not actually desire or require
add costs, limitations or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Monzo, curve and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Children
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a very little FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically validates 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 on the currency. adds a 0.5% charge if you have the free card. There are no fees if you have one of their paid cards.
You get an automated spend alert via the app, if you pick to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (typically in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures big savings (85%) and a great app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this means is you can spend cash you have in your existing bank account with less fret about running out of money and the additional step. That does not imply it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, allowing us to make revenue from our Important 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 free amount on all our strategies, full details can be discovered on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on deals.
Each time you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Children