A brand-new fintech company which I was introduced to earlier this year. Currensea Get Free Card…
It has actually won a few awards over current months for what it does (using you an inexpensive method to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is taken from your bank account– simply without the usual 3% fee.
Oh, and is complimentary to apply for, which also assists.
There are also some fascinating travel benefits if you select a paid plan, however the free strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competitors
add more and more functions which your existing consumers don’t actually desire or need
include constraints, charges or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Revolut, monzo and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Get Free Card
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (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 do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated previously, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank automatically validates that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automated spend alert via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (frequently in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards guarantees huge savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this implies is you can invest cash you have in your existing current account with less fret about lacking cash and the extra step. However that does not imply it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, enabling us to make earnings from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, full details can be found on our prices plans.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise gets rid of all FX markup on deals.
Every time you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Get Free Card