A new fintech company which I was introduced to previously this year. Currensea Card Support Number…
It has won a couple of awards over current months for what it does (offering you a low-priced method to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the cash is taken from your bank account– simply without the normal 3% fee.
Oh, and is complimentary to look for, which likewise assists.
There are likewise some interesting travel advantages if you select a paid plan, however the totally free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or more affordable than the competition
add a growing number of functions which your existing consumers do not actually need or desire
add charges, costs or limitations to the function 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 remain there. Curve, monzo and revolut 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 Support Number
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn 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% foreign exchange fees, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX costs are scarce. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and just a minimal FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately verifies that you have enough 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, includes a 0.5% charge. There are no fees if you have among their paid cards.
You get an automatic invest alert through the app, if you pick to install it.
The cash 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 sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (typically in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Thankfully recently a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big cost savings (85%) and a great app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can spend cash you have in your existing current account with less stress over lacking money and the additional step. That does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make revenue from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete details can be discovered on our pricing plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on transactions.
Each time you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Support Number