A brand-new fintech company which I was presented to earlier this year. Currensea Master Card Visa Card…
It has actually won a couple of awards over current months for what it does (offering you a low-cost way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a normal debit card and the cash is taken from your bank account– just without the normal 3% fee.
Oh, and is totally free to request, which also assists.
There are likewise some intriguing travel benefits if you pick a paid plan, however the totally free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include increasingly more features which your existing clients don’t really require or want
include charges, charges or limitations to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Master Card Visa Card
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide benefits and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, a very basic procedure. You utilize 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 confirms that you have sufficient cash in your account and authorises the deal.
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 free card. If you have one of their paid cards, there are no costs.
You get an automatic spend notice by means of the app, if you pick 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 journal, 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 arranged to leave my HSBC account a couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (often in a different language) while not telling you about the outrageous currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea promises big cost savings (85%) and a great app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less worry about lacking money and the extra step. But that does not suggest it is best.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, enabling us to make revenue from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete information can be discovered on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on deals.
Whenever you spend with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Master Card Visa Card