A brand-new fintech company which I was presented to previously this year. Currensea Card Options…
It has won a couple of awards over current months for what it does (using you an affordable way to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the cash is drawn from your bank account– just without the normal 3% fee.
Oh, and is free to make an application for, which also assists.
There are also some intriguing travel advantages if you choose a paid plan, however the totally free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or less expensive than the competitors
include more and more features which your existing consumers do not really require or want
include charges, charges or constraints to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, revolut and curve 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 Options
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, a very simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately confirms that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automated invest alert through 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 splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a few days later on:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (typically in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards promises huge savings (85%) and an excellent app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less fret about lacking money and the extra step. But that does not indicate it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, full details can be found on our rates strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on transactions.
Every time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Options