A brand-new fintech company which I was introduced to previously this year. Currensea Card Restrictions…
It has actually won a couple of awards over current months for what it does (offering you a low-priced way to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, 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 merely spend as you would on a typical debit card and the money is drawn from your bank account– simply without the usual 3% charge.
Oh, and is free to obtain, which also assists.
There are also some fascinating travel advantages if you choose a paid strategy, however the totally free plan works fine. You can use 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 totally free or cheaper than the competition
add a growing number of features which your existing clients don’t actually desire or require
add limitations, charges or costs to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Restrictions
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline miles or points for utilizing 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 want free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer benefits and charge 0% FX charges are rare. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps 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 an item which allows you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly verifies that you have sufficient cash in your account and authorises the deal.
The deal 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. If you have one of their paid cards, there are no costs.
You get an automated spend notification by means of the app, if you pick to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (often in a various language) while not telling you about the exorbitant currency conversion charges 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 excellent cards Currensea promises big cost 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 implies is you can invest cash you have in your existing current account with less worry about running out of cash and the extra step. That does not mean it is best.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make profits from our Vital Plan whilst remaining more affordable 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 strategies, full information can be discovered on our pricing strategies.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also removes all FX markup on deals.
Every time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Restrictions