A brand-new fintech business which I was presented to previously this year. Currensea Card Pros And Cons…
It has won a couple of awards over recent months for what it does (offering you a low-priced way to spend 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. It is a Mastercard which sits in 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 money is drawn from your current account– simply without the typical 3% cost.
Oh, and is free to make an application for, which also helps.
There are also some fascinating travel benefits if you pick a paid plan, but the complimentary plan works fine. You can apply here.
There is a service 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 competitors
add increasingly more functions which your existing consumers don’t really need or want
add fees, charges or restrictions to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Pros And Cons
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer benefits and charge 0% FX charges are rare. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a minimal FX mark-up (there is a little cost beyond , 500).
you want 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 cash when travelling.
How does work in practice?
It is, as I said previously, a really 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 current account bank immediately 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. includes a 0.5% fee if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automatic spend notice through the app, if you choose to install it.
The cash is taken from your bank account a few 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 shows , 4.33 set up to leave my HSBC account a few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (frequently in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and a fantastic app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less stress over lacking money and the additional step. But that does not imply it is perfect.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make earnings 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 use over the free amount on all our plans, full details can be discovered on our prices strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise removes all FX markup on transactions.
Each time you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Pros And Cons