A new fintech company which I was introduced to earlier this year. Currensea Card Do Ypu Pay…
It has actually won a few awards over recent months for what it does (using you a low-cost way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the money is taken from your current account– just without the typical 3% charge.
Oh, and is complimentary to make an application for, which likewise helps.
There are also some intriguing travel benefits if you select a paid strategy, however the free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or less expensive than the competitors
include increasingly more functions which your existing customers do not truly require or want
add costs, constraints or charges to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Do Ypu Pay
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ choices which use 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 charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a very easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly validates that you have sufficient money 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 free card, adds a 0.5% cost. There are no charges if you have one of their paid cards.
You get an automatic spend alert by means of the app, if you select to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any 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 reveals , 4.33 set up to leave my HSBC account a few days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (frequently in a different language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully over the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards guarantees big cost savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less worry about running out of money and the additional step. However that does not indicate it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make profits from our Necessary Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, full details can be discovered on our pricing plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost also eliminates all FX markup on deals.
Every time you spend with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Do Ypu Pay