A brand-new fintech business which I was presented to earlier this year. Currensea Card Junior…
It has actually won a few awards over current months for what it does (using you a low-priced method to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your present account– just without the usual 3% charge.
Oh, and is totally free to obtain, which also helps.
There are likewise some interesting travel advantages if you pick a paid strategy, but the totally free strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or less expensive than the competition
add a growing number of functions which your existing customers do not truly desire or require
include costs, charges or restrictions to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Monzo, curve and revolut are currently 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 Junior
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX charges are couple of and far between. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely 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, worldwide).
Your bank account bank automatically confirms that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the free card. There are no fees if you have among their paid cards.
You get an automatic spend notification via the app, if you select to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any 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 reveals �,� 4.33 arranged to leave my HSBC account a few days later:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (often in a different language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big savings (85%) and an excellent app.
But I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this means is you can spend money you have in your existing bank account with less fret about lacking cash and the extra action. That does not suggest it is best.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, allowing us to make income from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, complete details can be found on our rates strategies.
Subscription charges.
We charge a yearly membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge likewise eliminates all FX markup on transactions.
Interchange.
Each time you invest with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Junior