A new fintech business which I was presented to earlier this year. Currensea Card Security…
It has actually won a few awards over recent months for what it does (providing you an affordable method to spend abroad) but what I like about is that it is basic 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 simply spend as you would on a regular debit card and the cash is taken from your bank account– simply without the normal 3% fee.
Oh, and is totally free to make an application for, which likewise assists.
There are likewise some intriguing travel benefits if you choose a paid plan, but the totally free strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or less expensive than the competition
include more and more functions which your existing clients don’t actually need or want
add limitations, charges or charges to the function that made individuals 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 stay there. Revolut, monzo and curve are currently in Stage 3 …
is basic 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 Security
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are few and far in between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a really easy procedure. 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 instantly verifies that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated invest alert through the app, if you choose to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no 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 on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (typically in a various language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Luckily over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards assures huge savings (85%) and a great app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less fret about lacking cash and the extra step. But that does not mean it is best.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make earnings from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, full information can be discovered on our pricing strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge likewise eliminates all FX markup on transactions.
Each time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Security