A new fintech company which I was introduced to previously this year. Currensea Card Eligibility…
It has won a few awards over current months for what it does (offering you a low-cost way to invest abroad) but what I like about is that it is easy 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 bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a normal debit card and the cash is drawn from your current account– simply without the usual 3% fee.
Oh, and is totally free to get, which also helps.
There are likewise some fascinating travel advantages if you pick a paid plan, however the totally 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 free of charge or cheaper than the competition
add a growing number of features which your existing customers don’t actually need or desire
include charges, limitations or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Eligibility
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially 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 a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said earlier, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank automatically confirms that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated spend alert via the app, if you pick to install it.
The cash is taken from your current account a couple of days later on.
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 shows , 4.33 arranged to leave my HSBC account a couple of days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (typically in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t 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 fantastic cards promises big savings (85%) and a great app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less fret about running out of cash and the additional action. That does not mean it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make earnings from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, full information can be found on our rates strategies.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge also gets rid of all FX markup on transactions.
Each time you spend with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Eligibility