A new fintech business which I was introduced to previously this year. Currensea New Card…
It has won a couple of awards over recent months for what it does (providing you a low-cost method to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. You just spend 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 totally free to make an application for, which likewise assists.
There are also some interesting travel benefits if you pick a paid plan, but the complimentary strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competition
include a growing number of functions which your existing clients do not actually require or want
add restrictions, charges or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea New 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% fee.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, an extremely easy 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 bank account bank immediately verifies 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. If you have the totally free card, adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated invest notification by means of the app, if you choose to install it.
The money is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose 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:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (typically in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other great cards Currensea assures big savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can spend money you have in your existing current account with less worry about running out of money and the additional action. That does not suggest it is ideal.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make income from our Necessary Plan whilst remaining more affordable 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, full information can be discovered on our rates strategies.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also eliminates all FX markup on deals.
Every time you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea New Card