A brand-new fintech company which I was introduced to previously this year. Currensea Debit Card Limit…
It has won a couple of awards over current months for what it does (using you a low-cost way 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. You merely spend as you would on a regular debit card and the cash is taken from your present account– simply without the usual 3% cost.
Oh, and is free to obtain, which also assists.
There are also some interesting travel benefits if you choose a paid plan, however the totally free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competition
include a growing number of functions which your existing customers don’t actually require or desire
add costs, limitations or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Debit Card Limit
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which use rewards and charge 0% FX charges are rare. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a very little FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a really easy process. You use 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 instantly verifies that you have enough 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% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic invest notice by means of the app, if you choose to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 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 couple of days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (frequently in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Thankfully recently a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards guarantees big 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 checking account.
What this implies is you can spend cash you have in your existing bank account with less fret about lacking money and the additional step. But that does not indicate it is best.
In this Currensea review is the good, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make profits from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, complete details can be discovered on our pricing plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on deals.
Every time you spend with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. Currensea Debit Card Limit