A brand-new fintech company which I was presented to previously this year. Currensea Card Uk Location…
It has actually won a few awards over current months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is simple 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 simply spend as you would on a typical debit card and the money is drawn from your current account– simply without the normal 3% cost.
Oh, and is totally free to make an application for, which also assists.
There are also some interesting travel benefits if you select a paid strategy, but the totally free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or more affordable than the competitors
add a growing number of functions which your existing clients don’t actually require or want
include fees, charges or constraints to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Revolut, monzo and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Uk Location
It is a totally free direct debit card to use abroad and which instantly 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 wish to get a card?
If you have a charge card offering 0% forex costs, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank immediately 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. adds a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated spend alert through the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (typically in a various language) while not telling you about the inflated currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards assures huge savings (85%) and an excellent app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest cash you have in your existing current account with less worry about running out of money and the extra action. But that does not mean it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, 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 earnings from our Essential Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be discovered on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on deals.
Every time you invest with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Uk Location