A brand-new fintech company which I was presented to previously this year. Currensea Card Credit Check…
It has won a few awards over recent months for what it does (providing you a low-cost method to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your existing account– just without the usual 3% cost.
Oh, and is complimentary to obtain, which also helps.
There are likewise some fascinating travel benefits if you pick a paid strategy, but the free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competition
add more and more functions which your existing clients don’t really require or desire
add charges, restrictions or costs to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Monzo, curve and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Credit Check
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX fees are couple of and far between. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges 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 affect your credit report by getting another credit card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely simple procedure. 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 immediately validates that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. There are no costs if you have among their paid cards.
You get an automatic invest notice via the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose 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:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (often in a different language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Fortunately over the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards promises big savings (85%) and an excellent app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less stress over running out of money and the extra step. That does not suggest it is ideal.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, allowing us to make earnings from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, complete information can be discovered on our prices strategies.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise removes all FX markup on deals.
Each time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Credit Check