A new fintech company which I was presented to previously this year. Currensea Credit Card Comparison…
It has won a couple of awards over current months for what it does (offering you a low-cost way to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your existing account– just without the normal 3% cost.
Oh, and is totally free to get, which likewise helps.
There are likewise some interesting travel advantages if you pick a paid strategy, but the totally free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competition
add more and more functions which your existing clients don’t actually require or want
add limitations, costs or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Monzo, curve and revolut are currently in Phase 3 …
is easy 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 Credit Card Comparison
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are couple of and far between. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs 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 affect your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires 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 said earlier, an extremely basic process. You utilize 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 automatically 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 on the currency. If you have the complimentary card, includes a 0.5% cost. There are no costs if you have among their paid cards.
You get an automated spend alert through the app, if you select to install it.
The cash is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (typically in a different language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees big cost savings (85%) and a fantastic app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less worry about lacking cash and the additional action. That does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make revenue from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, complete details can be found on our prices plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge also eliminates all FX markup on transactions.
Each time you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Credit Card Comparison