A new fintech business which I was introduced to previously this year. Currensea Card Next Day Delivery…
It has actually won a few awards over recent 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 an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is drawn from your bank account– just without the normal 3% charge.
Oh, and is totally free to apply for, which likewise assists.
There are also some fascinating travel advantages if you choose a paid plan, however the complimentary strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add more and more functions which your existing customers don’t truly need or want
include limitations, fees or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Next Day Delivery
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said previously, a very simple procedure. You utilize 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 validates that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automatic spend alert by means of the app, if you select to install it.
The cash is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 set up 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 break-in that is almost to happen (often in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards guarantees huge savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this indicates is you can spend cash you have in your existing current account with less worry about running out of money and the additional action. That does not indicate it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, allowing us to make profits from our Essential Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, full information can be found on our pricing strategies.
Membership costs.
We charge an annual membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership cost also removes all FX markup on deals.
Interchange.
Every time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Next Day Delivery