A new fintech business which I was introduced to earlier this year. Currensea Card Faq…
It has won a few awards over current months for what it does (providing you a low-priced way to spend abroad) but 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 absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the money is drawn from your current account– just without the typical 3% cost.
Oh, and is totally free to request, which also assists.
There are likewise some intriguing travel benefits if you choose a paid strategy, but the complimentary plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or more affordable than the competitors
add increasingly more functions which your existing customers do not actually want or need
include charges, constraints or fees to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Faq
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated previously, a really 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, internationally).
Your bank account bank instantly verifies that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the totally free card. There are no charges if you have among their paid cards.
You get an automated spend notice by means of 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 journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to take place (frequently in a different language) while not telling you about the expensive currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards assures huge savings (85%) and an excellent app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less stress over lacking cash and the additional step. That does not indicate it is ideal.
In this Currensea review is the great, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, enabling us to make income from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our strategies, full details can be discovered on our pricing strategies.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise removes all FX markup on deals.
Whenever you spend with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Faq