A new fintech company which I was introduced to earlier this year. Currensea Card Declined But Still Charged…
It has actually won a few awards over current months for what it does (providing you a low-cost way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the cash is taken from your current account– just without the normal 3% cost.
Oh, and is totally free to make an application for, which also helps.
There are likewise some interesting travel benefits if you select a paid strategy, but 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 totally free or less expensive than the competition
include a growing number of features which your existing clients do not actually want or require
include restrictions, charges or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Declined But Still Charged
It is a 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 …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, a very easy procedure. You use 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 confirms that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automatic invest alert via the app, if you select to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards guarantees huge savings (85%) and an excellent app.
However I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can invest cash you have in your existing bank account with less stress over running out of money and the additional step. However that does not imply it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make profits from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, complete information can be discovered on our pricing strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise removes all FX markup on transactions.
Whenever you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Declined But Still Charged