A new fintech business which I was presented to previously this year. Currensea Offer Free Card…
It has actually won a few awards over recent months for what it does (offering you a low-priced way to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a regular 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 intriguing travel advantages if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competition
add more and more features which your existing consumers don’t actually want or require
include limitations, charges or fees to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple 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 Offer Free Card
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
That’s it.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ alternatives which offer a partial solution 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 fees and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and just a very little FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, a very simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank instantly confirms that you have adequate money in your account and authorises the deal.
The transaction 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 costs.
You get an automatic invest notification through the app, if you choose to install it.
The cash is taken from your current account a couple of days later.
Here is an example. Without any 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 shows �,� 4.33 arranged 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 robbery that is just about to occur (frequently in a different language) while not telling you about the outrageous currency conversion charges happening 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 fantastic cards Currensea promises big cost savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less worry about lacking money and the extra step. That does not suggest it is ideal.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, permitting us to make income from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, complete information can be found on our rates strategies.
Membership costs.
We charge an annual subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on transactions.
Interchange.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Offer Free Card