A new fintech business which I was introduced to previously this year. Currensea Card Via Phone…
It has actually won a couple of awards over current months for what it does (using you a low-cost method to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, 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 spend as you would on a regular debit card and the money is taken from your bank account– just without the typical 3% charge.
Oh, and is totally free to look for, which likewise assists.
There are likewise some interesting travel benefits if you choose a paid strategy, but the free plan works fine. You can use here.
There is an organization design 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
include more and more features which your existing customers don’t truly require or desire
include fees, charges or restrictions to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are currently in Phase 3 …
is easy 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 Via Phone
It is a free direct debit card to use 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 want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ alternatives which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, 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, 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, globally).
Your current account bank instantly confirms that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% cost. There are no charges if you have among their paid cards.
You get an automated spend alert via the app, if you select to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 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 couple of days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and a great app.
But I believe the best bit might be what no other card does: links to your existing high street checking account.
What this means is you can invest money you have in your existing current account with less fret about lacking money and the additional action. However that does not suggest it is best.
In this Currensea evaluation is the great, the bad, the awful 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, enabling us to make income from our Essential Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, full details can be found on our prices strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on transactions.
Each time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Via Phone