A new fintech company which I was presented to previously this year. Currensea Card In Uk…
It has actually won a couple of awards over current months for what it does (offering you an inexpensive method to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your current account– simply without the typical 3% cost.
Oh, and is free to get, which likewise assists.
There are also some interesting travel benefits if you pick a paid strategy, but the totally free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competitors
add increasingly more functions which your existing customers do not really need or want
add costs, charges or restrictions to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card In Uk
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn 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 costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated earlier, an extremely basic procedure. You use 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 adequate 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. If you have the totally free card, adds a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated spend notice via the app, if you pick 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 journal, 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 scheduled to leave my HSBC account a few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (typically in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises huge cost savings (85%) and a great app.
But I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less fret about running out of cash and the extra step. However that does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make income from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be discovered on our prices plans.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on transactions.
Whenever you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card In Uk