A new fintech company which I was introduced to earlier this year. Currensea Card Won T Tap…
It has won a few awards over current months for what it does (offering you an affordable method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. You simply invest as you would on a regular debit card and the money is taken from your present account– simply without the typical 3% fee.
Oh, and is complimentary to look for, which likewise assists.
There are also some intriguing travel benefits if you choose a paid strategy, but the free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competition
include increasingly more features which your existing consumers do not actually want or need
include charges, charges or restrictions to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Won T Tap
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which offer benefits and charge 0% FX charges are scarce. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated earlier, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank automatically validates that you have sufficient cash in your account and authorises the transaction.
The transaction 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% fee. There are no charges if you have among their paid cards.
You get an automatic invest notification via the app, if you select to install it.
The money is taken from your bank account a few days later on.
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 scheduled to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (often in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily over the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards assures huge savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: connects to your existing high street checking account.
What this implies is you can spend money you have in your existing bank account with less worry about lacking money and the additional action. That does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, enabling us to make income from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete information can be found on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on deals.
Each time you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Won T Tap