A new fintech business which I was presented to previously this year. Currensea Card Contact Numer…
It has actually won a couple of awards over current months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your current account– just without the normal 3% fee.
Oh, and is complimentary to request, which likewise helps.
There are also some interesting travel benefits if you select a paid strategy, but the totally free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or more affordable than the competition
add a growing number of features which your existing clients do not actually require or want
include charges, restrictions or costs to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Revolut, curve and monzo are already in Phase 3 …
is simple 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 Contact Numer
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% cost.
You do not (yet …) make any airline company 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 don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, charge card which provide rewards and charge 0% FX charges are rare. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a very little FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated earlier, a really simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically verifies that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated invest notice by means of the app, if you choose to install it.
The cash is drawn from your bank account a few days later.
Here is an example. Without any 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 set up to leave my HSBC account a couple of days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (often in a various language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and a great app.
However I think the best bit might be what no other card does: connects to your existing high street checking account.
What this suggests is you can spend cash you have in your existing bank account with less fret about lacking money and the additional action. But that does not imply it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, enabling 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 usage over the free amount on all our strategies, complete details can be discovered on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise eliminates all FX markup on transactions.
Whenever you invest with your card we get a small % of the deal, called interchange, this comes straight from the merchant and will not be credited you. Currensea Card Contact Numer