A new fintech company which I was introduced to earlier this year. Currensea Card Use…
It has actually won a couple of awards over recent months for what it does (offering you an affordable way to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a normal debit card and the money is taken from your bank account– simply without the typical 3% cost.
Oh, and is free to apply for, which also helps.
There are also some intriguing travel advantages if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
add more and more features which your existing consumers don’t actually desire or need
add limitations, charges or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Revolut, curve and monzo 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 Use
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% cost.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
However, charge card which provide benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said previously, an extremely basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank instantly confirms 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 on the currency. If you have the complimentary card, includes a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automatic spend alert through the app, if you choose to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 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 daylight robbery that is just about to occur (typically in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and a terrific app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less worry about lacking money and the additional step. However that does not mean it is ideal.
In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, enabling us to make revenue from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be discovered on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise removes all FX markup on deals.
Every time you invest with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Use