A brand-new fintech business which I was introduced to previously this year. Currensea Card Fees Ireland…
It has won a couple of awards over recent months for what it does (using you a low-priced way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, 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 normal debit card and the cash is drawn from your current account– just without the normal 3% charge.
Oh, and is free to obtain, which also helps.
There are likewise some intriguing travel advantages if you select a paid plan, however the complimentary strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
include a growing number of functions which your existing consumers do not really need or want
include charges, costs or constraints to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Fees Ireland
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
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 credit card offering 0% forex fees, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are scarce. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic charge card 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 wish to impact your credit report by getting another charge card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, a very simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank instantly verifies that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automated spend notification through the app, if you choose to install it.
The money is taken from your current account a few days later.
Here is an example. With no 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 shows , 4.33 arranged to leave my HSBC account a few days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (often in a different language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures big cost savings (85%) and a terrific app.
But I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less worry about running out of money and the additional step. That does not mean it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make earnings from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, full information can be found on our pricing plans.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise removes all FX markup on transactions.
Each time you spend with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Fees Ireland