A brand-new fintech company which I was presented to earlier this year. Currensea Card Turbo Transfer…
It has won a couple of awards over current months for what it does (using you a low-priced way to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. You merely spend as you would on a typical debit card and the money is taken from your existing account– just without the normal 3% charge.
Oh, and is totally free to request, which likewise assists.
There are likewise some interesting travel advantages if you pick a paid strategy, however the totally free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
include more and more functions which your existing consumers don’t truly desire or require
add fees, constraints 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. Monzo, curve and revolut are already in Phase 3 …
is basic 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 Turbo Transfer
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ options which offer 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 fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated earlier, an extremely easy process. You utilize 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 enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automated invest notice through the app, if you select to install it.
The cash is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 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 few days later on:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (often in a different language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea promises big cost savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash you have in your existing current account with less stress over running out of cash and the additional step. That does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make profits from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, complete details can be found on our pricing strategies.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost also eliminates all FX markup on deals.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Turbo Transfer