A new fintech business which I was presented to earlier this year. Currensea Credit Card Countries…
It has won a few awards over recent months for what it does (providing you a low-cost method to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely invest as you would on a normal debit card and the cash is taken from your current account– simply without the typical 3% fee.
Oh, and is free to make an application for, which also assists.
There are also some intriguing travel advantages if you select a paid plan, but the complimentary strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or cheaper than the competition
include more and more functions which your existing customers do not truly require or desire
include constraints, charges or costs to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Monzo, revolut and curve are already in Stage 3 …
is easy 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 Credit Card Countries
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge 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 an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated 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, internationally).
Your current account bank automatically validates that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automated spend notification through the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, 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 set up to leave my HSBC account a few days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (typically in a various language) while not telling you about the inflated currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures huge cost savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less fret about running out of money and the additional action. But that does not mean it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, allowing us to make profits from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our plans, full details can be discovered on our prices plans.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also removes all FX markup on transactions.
Each time you invest with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Credit Card Countries