A new fintech business which I was introduced to previously this year. Currensea Name On Card…
It has won a few awards over current months for what it does (offering you an affordable method to invest abroad) however what I like about is that it is simple 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 normal 3% charge.
Oh, and is complimentary to obtain, which also helps.
There are also some fascinating travel benefits if you select a paid plan, however the complimentary plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include a growing number of functions which your existing consumers do not truly require or want
add costs, charges or constraints to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Curve, monzo and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Name On Card
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX charges are few and far in between. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who requires a simple, 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 local currency (any currency, globally).
Your bank account bank instantly verifies 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 upon the currency. If you have the complimentary card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic invest notification by means of the app, if you pick to install it.
The money is taken from your bank account a few days later.
Here is an example. With no 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 shows , 4.33 arranged to leave my HSBC account a couple of days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (often in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards Currensea promises big savings (85%) and an excellent app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less fret about running out of money and the additional action. That does not mean it is best.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, enabling us to make profits from our Important Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, complete details can be discovered on our pricing plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise removes all FX markup on deals.
Whenever you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Name On Card