A brand-new fintech business which I was presented to previously this year. Currensea Card In France…
It has actually won a few awards over current months for what it does (offering you an affordable way to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a normal debit card and the cash is drawn from your current account– simply without the usual 3% charge.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some fascinating travel advantages if you choose a paid strategy, but the free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add a growing number of functions which your existing clients do not actually require or want
include charges, restrictions or fees to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are already in Phase 3 …
is simple 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 In France
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank immediately confirms that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated invest notification by means of the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided 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 couple of days later:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (frequently in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Fortunately over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards assures big cost 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 means is you can spend cash you have in your existing current account with less stress over lacking money and the extra step. That does not mean it is best.
In this Currensea review is the great, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, permitting us to make revenue from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, full information can be found on our prices plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also eliminates all FX markup on transactions.
Each time you spend with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Card In France