A brand-new fintech company which I was introduced to previously this year. Currensea Card Travel Insurance…
It has actually won a few awards over recent months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is basic as hell. This is a good idea.
is, efficiently, 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 complimentary to apply for, which also helps.
There are likewise some intriguing travel benefits if you pick a paid strategy, however the totally free strategy 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 one thing well, and for free or cheaper than the competitors
include more and more features which your existing consumers don’t truly need or want
add charges, restrictions or charges to the feature 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. Revolut, curve and monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Travel Insurance
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
However, charge card which offer benefits and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly 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 utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly verifies that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the complimentary card. There are no costs if you have one of their paid cards.
You get an automatic spend notification via the app, if you select to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often in a various language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures big savings (85%) and a fantastic app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can spend cash you have in your existing current account with less fret about running out of money and the additional action. That does not suggest it is ideal.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make profits from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, full details can be discovered on our pricing plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Travel Insurance