A new fintech company which I was presented to previously this year. Currensea Card Exchange Fees…
It has actually won a few awards over recent months for what it does (providing you a low-cost way to invest 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. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a typical debit card and the money is taken from your bank account– simply without the normal 3% charge.
Oh, and is complimentary to get, which also assists.
There are likewise some interesting travel advantages if you pick a paid strategy, however the totally free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competition
add more and more features which your existing customers do not truly want or require
include charges, charges or restrictions to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Exchange Fees
It is a totally free 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 don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which use rewards and charge 0% FX costs are scarce. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a very little FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely 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, globally).
Your bank account bank automatically confirms that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated invest alert by means of the app, if you select to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (frequently in a different language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea promises huge cost savings (85%) and a terrific app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less stress over lacking cash and the extra step. But that does not indicate it is best.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, enabling us to make revenue from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full information can be found on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on deals.
Whenever you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Exchange Fees