A brand-new fintech company which I was presented to earlier this year. Currensea Card Questions…
It has won a few awards over current months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. You simply spend as you would on a regular debit card and the money is taken from your present account– just without the typical 3% charge.
Oh, and is totally free to look for, which likewise assists.
There are likewise some interesting travel advantages if you select a paid strategy, but the free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or cheaper than the competition
add a growing number of features which your existing clients do not actually need or desire
include charges, fees or limitations to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, Revolut and Monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Questions
It is a complimentary direct debit card to utilize abroad and which immediately 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 costs, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees 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 charges 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 charge card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, parents, partner or anyone 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 stated previously, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank immediately verifies that you have sufficient 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. If you have the free card, includes a 0.5% cost. There are no fees if you have among their paid cards.
You get an automated invest notice 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 diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (often in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards Currensea guarantees huge savings (85%) and a fantastic app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less worry about lacking cash and the extra step. But that does not imply it is ideal.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make revenue from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete information can be discovered on our rates plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also eliminates all FX markup on deals.
Each time you spend with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Questions