A new fintech business which I was introduced to earlier this year. Currensea Card Jamaica…
It has actually won a few awards over current months for what it does (providing you an inexpensive method to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a typical debit card and the money is taken from your current account– simply without the typical 3% cost.
Oh, and is free to request, which likewise helps.
There are likewise some fascinating travel benefits if you select a paid plan, however the totally free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competition
include increasingly more features which your existing clients do not truly require or want
include limitations, charges or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are already 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 Jamaica
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a little cost 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 money when taking a trip.
How does operate in practice?
It is, as I stated previously, a really simple 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 bank account bank automatically 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. includes a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no fees.
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 on.
Here is an example. With no foreign travel in the journal, I chose to splash 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:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (frequently in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Thankfully in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge cost savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can invest cash you have in your existing bank account with less worry about lacking money and the additional action. But that does not indicate it is best.
In this Currensea review is the great, the bad, the awful and the alternatives, 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 Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, full information can be discovered on our prices plans.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on transactions.
Every time you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Jamaica