A new fintech company which I was introduced to earlier this year. Currensea Free Card Uk…
It has actually won a couple of awards over recent months for what it does (using you an affordable way to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your existing account– just without the usual 3% fee.
Oh, and is totally free to apply for, which likewise helps.
There are likewise some fascinating travel advantages if you select a paid strategy, but the totally free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
include more and more features which your existing customers do not actually need or want
include costs, constraints or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Revolut, monzo and curve are already in Stage 3 …
is basic 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 Free Card Uk
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX fees are rare. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, a really simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically validates that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated invest alert through the app, if you choose to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the journal, I decided 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 few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (often in a various language) while not telling you about the expensive currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea assures huge savings (85%) and a great app.
But I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest money you have in your existing current account with less fret about running out of cash and the extra action. That does not indicate it is ideal.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, enabling us to make income from our Important Plan whilst remaining more affordable 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 strategies, full details can be discovered on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on deals.
Each time you spend with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Free Card Uk