A brand-new fintech business which I was presented to previously this year. Currensea Card Download…
It has actually won a couple of awards over current months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your present account– simply without the typical 3% cost.
Oh, and is complimentary to look for, which also assists.
There are likewise some interesting travel advantages if you choose a paid strategy, but the totally free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
include more and more functions which your existing customers do not truly require or desire
add charges, constraints or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Download
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ options which provide 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 charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately verifies that you have enough 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. adds a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automatic invest notice by means of the app, if you select to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. Without any 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 reveals , 4.33 arranged to leave my HSBC account a few days later:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (often in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Luckily recently a handful of great travel debit cards have popped onto the scene … and like other excellent cards assures big cost savings (85%) and a great app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less worry about running out of cash and the additional step. That does not imply it is best.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, allowing us to make earnings from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, full details can be found on our rates strategies.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on transactions.
Each time you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Download