A brand-new fintech business which I was introduced to earlier this year. Currensea Card Kids…
It has won a few awards over recent months for what it does (providing you an inexpensive method to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You merely invest as you would on a normal debit card and the cash is taken from your current account– just without the normal 3% cost.
Oh, and is complimentary to look for, which likewise helps.
There are likewise some fascinating travel benefits if you choose a paid strategy, but the totally free plan 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 one thing well, and for free or cheaper than the competitors
include a growing number of functions which your existing customers don’t truly want or need
add constraints, charges or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Curve, monzo and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Kids
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
That’s it.
You don’t (yet …) make 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% foreign exchange charges, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ alternatives which offer 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 credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and just a very little FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult children, parents, 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 work in practice?
It is, as I said earlier, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly confirms that you have enough money 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 complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic spend notification through the app, if you pick to install it.
The money is taken from your current account a couple of days later.
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:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (often in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea guarantees huge savings (85%) and a terrific app.
However I think the very 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 lacking money and the extra action. But that does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the awful 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, allowing us to make income from our Important Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, complete information can be found on our pricing plans.
Subscription charges.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge likewise removes all FX markup on transactions.
Interchange.
Each time you spend with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Kids