A new fintech company which I was introduced to previously this year. Currensea Card Withdrawal Abroad…
It has won a few awards over recent months for what it does (using you an affordable method to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your present account– simply without the usual 3% charge.
Oh, and is free to obtain, which also helps.
There are likewise some interesting travel advantages if you pick a paid plan, however the totally free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add a growing number of features which your existing customers don’t truly require or want
include constraints, charges or fees to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Withdrawal Abroad
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX charges are couple of and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated earlier, an extremely easy 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 automatically confirms that you have enough money in your account and authorises the deal.
The transaction 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% cost. If you have one of their paid cards, there are no fees.
You get an automatic spend notice via the app, if you pick to install it.
The cash 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 shows , 4.33 arranged to leave my HSBC account a few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (often in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards assures big savings (85%) and a great app.
But I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can spend cash you have in your existing current account with less worry about running out of money and the additional step. That does not indicate it is best.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, allowing us to make income from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, complete information can be found on our rates plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also eliminates all FX markup on deals.
Whenever you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Withdrawal Abroad