A brand-new fintech company which I was introduced to earlier this year. Currensea Card Premium…
It has actually won a couple of awards over recent months for what it does (using you a low-cost method to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely spend as you would on a typical debit card and the money is taken from your current account– simply without the usual 3% charge.
Oh, and is free to get, which likewise helps.
There are likewise some fascinating travel benefits if you select a paid plan, but the free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competition
add a growing number of functions which your existing customers don’t really require or want
add restrictions, costs or charges to the function that made individuals 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 Stage 3 …
is basic 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 Premium
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
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 need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not wish to affect 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 monthly with no charges and only a very little FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, a very basic procedure. You utilize 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 immediately confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automated invest notice via the app, if you select to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 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 couple of days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (typically in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees huge savings (85%) and a great app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this means is you can invest money you have in your existing bank account with less worry about running out of money and the additional action. That does not mean 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 small FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make earnings from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our strategies, complete information can be discovered on our prices plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise removes all FX markup on deals.
Each time you invest with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Premium