A brand-new fintech company which I was introduced to previously this year. Currensea Card Design…
It has won a few awards over current months for what it does (offering you an affordable method to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your existing account– just without the normal 3% fee.
Oh, and is complimentary to request, which likewise assists.
There are also some intriguing travel benefits if you choose a paid plan, but the totally free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
add increasingly more functions which your existing customers don’t actually desire or need
include charges, restrictions or fees to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Monzo, revolut and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Design
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are couple of and far between. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, an extremely easy 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 automatically validates that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. There are no costs if you have one of their paid cards.
You get an automatic invest alert by means of the app, if you select to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 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:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (typically in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards promises big cost savings (85%) and a fantastic app.
However I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this means is you can invest cash you have in your existing bank account with less worry about running out of cash and the extra action. But that does not suggest it is best.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make income from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, full details can be discovered on our prices strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also removes all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Design