A new fintech company which I was introduced to previously this year. Currensea Card Uk Atm Euro…
It has won a couple of awards over recent months for what it does (using you an inexpensive way to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a regular debit card and the cash is taken from your current account– just without the typical 3% charge.
Oh, and is complimentary to request, which likewise helps.
There are likewise some intriguing travel advantages if you select a paid plan, however the totally free strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
add a growing number of functions which your existing clients do not actually need or want
add charges, constraints or costs to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently 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 Uk Atm Euro
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide rewards and charge 0% FX costs are rare. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic credit cards 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 want to impact your credit report by getting another charge card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires 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 easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank automatically verifies that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automated spend alert via the app, if you choose to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle 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 couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (frequently in a various language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Luckily recently a handful of great travel debit cards have popped onto the scene … and like other excellent cards guarantees big savings (85%) and a great app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less stress over running out of money and the extra step. But that does not mean it is perfect.
In this Currensea review is the good, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make income from our Important 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 strategies, complete details can be found on our pricing plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on deals.
Every time you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Uk Atm Euro