A new fintech business which I was presented to previously this year. Currensea Card Details…
It has actually won a few awards over recent months for what it does (using you an affordable method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, 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 spend as you would on a typical debit card and the money is taken from your current account– just without the normal 3% fee.
Oh, and is complimentary to make an application for, which also assists.
There are likewise some interesting travel benefits if you choose a paid plan, but the totally free strategy works fine. You can use here.
There is a company 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 competitors
include increasingly more features which your existing consumers do not truly need or desire
add charges, charges or restrictions to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are already in Stage 3 …
is easy 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 Details
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX fees are few and far in between. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, an extremely basic 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 current account bank automatically verifies 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 on the currency. If you have the complimentary card, adds a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automated spend notice through the app, if you choose to install it.
The cash is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, 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 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often in a various language) while not telling you about the inflated currency conversion charges occurring 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 terrific travel debit cards have actually popped onto the scene … and like other excellent cards promises big savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less worry about lacking money and the additional step. That does not indicate it is ideal.
In this Currensea review 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 small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make profits from our Essential Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our plans, full details can be found on our pricing plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Details