A new fintech company which I was introduced to previously this year. Currensea Card Contactless…
It has actually won a couple of awards over recent months for what it does (using you a low-priced way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a normal debit card and the cash is taken from your current account– simply without the usual 3% cost.
Oh, and is free to make an application for, which likewise helps.
There are also some fascinating travel advantages if you choose a paid strategy, but the totally free strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competition
include a growing number of functions which your existing clients don’t actually need or desire
include costs, constraints or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently 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 Contactless
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer rewards and charge 0% FX charges are scarce. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, a very basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank automatically verifies that you have sufficient 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. If you have the complimentary card, includes a 0.5% cost. There are no costs if you have among their paid cards.
You get an automated invest alert through the app, if you pick to install it.
The cash is drawn from your current account a few days later on.
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 set up to leave my HSBC account a couple of days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (often in a different language) while not telling you about the inflated currency conversion costs taking place 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 fantastic travel debit cards have popped onto the scene … and like other fantastic cards assures big cost savings (85%) and an excellent app.
But I think the very best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can invest money you have in your existing bank account with less stress over lacking money and the extra step. However that does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.
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 Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, full details can be discovered on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on transactions.
Every time you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Contactless