A new fintech company which I was introduced to earlier this year. Currensea Card For Euros…
It has won a few awards over recent months for what it does (offering you a low-cost method to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply spend as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% cost.
Oh, and is complimentary to get, which also assists.
There are likewise some fascinating travel advantages if you select a paid strategy, however the complimentary plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or less expensive than the competition
add a growing number of functions which your existing clients don’t truly require or want
add costs, charges or restrictions to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are already in Phase 3 …
is basic 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 For Euros
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 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 charge card offering 0% forex fees, then you do not need 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 ‘miles and points’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really simple 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 current account bank immediately verifies that you have sufficient 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 free card. If you have one of their paid cards, there are no fees.
You get an automated invest notification via the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I decided 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 transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (often in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Thankfully in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards assures big cost savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: connects to your existing high street checking account.
What this implies is you can spend money you have in your existing current account with less worry about lacking money and the additional step. That does not mean it is ideal.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make revenue from our Essential 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 totally free quantity on all our strategies, complete details can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee also removes all FX markup on transactions.
Each time you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card For Euros