A brand-new fintech company which I was introduced to earlier this year. Currensea Google.Pay Credit Card…
It has won a couple of awards over current months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is taken from your current account– just without the normal 3% charge.
Oh, and is complimentary to get, which also helps.
There are also some intriguing travel benefits if you choose a paid plan, however the totally free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
include increasingly more features which your existing consumers do not really desire or require
add restrictions, charges or charges to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Google.Pay Credit Card
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline 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 don’t need a card, unless you want totally free 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 ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a minimal FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, a really basic process. 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 immediately validates 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. includes a 0.5% fee if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automatic spend notification by means of the app, if you select to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (typically in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures huge savings (85%) and an excellent app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less stress over running out of cash and the extra action. That does not mean it is best.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, permitting us to make profits from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full details can be found on our pricing plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost likewise gets rid of all FX markup on transactions.
Whenever you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Google.Pay Credit Card