A brand-new fintech company which I was introduced to earlier this year. Currensea Card South America…
It has actually won a couple of awards over current months for what it does (using you a low-cost way to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your existing account– just without the normal 3% fee.
Oh, and is free to obtain, which likewise assists.
There are likewise some interesting travel benefits if you select a paid strategy, but the totally free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
add more and more features which your existing consumers do not truly desire or need
include costs, limitations 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 procedure and will hopefully remain there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card South America
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
However, charge card which provide rewards and charge 0% FX fees are rare. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated 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, worldwide).
Your current account bank immediately confirms 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 complimentary card, includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic spend notice via the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 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:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (frequently in a different language) while not telling you about the inflated currency conversion fees happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Thankfully over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards guarantees big savings (85%) and a fantastic app.
However I believe the very best bit might be what no other card does: connects to your existing high street checking account.
What this implies is you can invest money you have in your existing bank account with less worry about running out of cash and the additional step. However that does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, enabling us to make profits from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, complete details can be found on our pricing strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on transactions.
Whenever you invest with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Card South America