A brand-new fintech company which I was introduced to earlier this year. Currensea Card Won’t Tap…
It has actually won a couple of awards over recent months for what it does (providing you an inexpensive method to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, 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 just spend as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is free to look for, which likewise helps.
There are also some fascinating travel benefits if you pick a paid plan, but the totally free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competitors
add a growing number of features which your existing consumers do not actually need or want
add charges, limitations or charges to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, monzo and curve are already in Stage 3 …
is simple 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 Won’t Tap
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you do not require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank instantly confirms that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automated invest alert through the app, if you pick to install it.
The cash is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash 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 on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (typically in a various language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of great travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees huge savings (85%) and an excellent app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less fret about lacking cash and the additional step. That does not mean it is ideal.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make profits from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, full details can be discovered on our pricing strategies.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Won’t Tap