A brand-new fintech company which I was presented to previously this year. Currensea Charge For Card…
It has actually won a few awards over current months for what it does (providing you a low-cost method to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the money is taken from your current account– just without the typical 3% cost.
Oh, and is free to obtain, which also helps.
There are likewise some interesting travel advantages if you choose a paid plan, but the free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or less expensive than the competition
add a growing number of functions which your existing clients don’t really want or need
add limitations, fees or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Charge For Card
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
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% foreign exchange fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the totally free card. There are no fees if you have one of their paid cards.
You get an automated spend alert through the app, if you select to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 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 few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (typically in a different language) while not telling you about the outrageous currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge cost savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this means is you can invest money you have in your existing current account with less worry about running out of cash and the additional action. However that does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, permitting us to make profits from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be discovered on our pricing plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost likewise removes all FX markup on transactions.
Each time you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Charge For Card