A new fintech company which I was introduced to earlier this year. Currensea Card Greece…
It has won a few awards over recent months for what it does (offering you a low-cost way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your existing account– just without the usual 3% fee.
Oh, and is complimentary to get, which likewise assists.
There are likewise some interesting travel benefits if you choose a paid plan, but the free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or cheaper than the competitors
add a growing number of functions which your existing consumers don’t actually desire or require
include charges, constraints or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Monzo, revolut and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Greece
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
You don’t (yet …) earn any airline company 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 require a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card specifically to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals per month without any charges and just a very little FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a very 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 instantly confirms that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated invest notice through the app, if you choose to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no 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 few days later:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (frequently in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea promises big cost savings (85%) and a fantastic app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less worry about lacking money and the additional step. That does not suggest it is best.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, permitting 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 use over the complimentary quantity on all our plans, full details can be discovered on our prices plans.
Membership charges.
We charge a yearly membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on deals.
Interchange.
Each time you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Greece