A new fintech company which I was introduced to earlier this year. Currensea Online Card Payment Reverted…
It has actually won a few awards over recent months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is drawn from your bank account– simply without the usual 3% charge.
Oh, and is complimentary to look for, which likewise assists.
There are also some fascinating travel advantages if you pick a paid strategy, but the totally free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competitors
include increasingly more functions which your existing customers don’t truly require or desire
add restrictions, costs or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Stage 3 …
is basic 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 Online Card Payment Reverted
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
However, charge card which use rewards and charge 0% FX costs are scarce. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly validates that you have enough cash 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 totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated spend notice through the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, 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 set up to leave my HSBC account a couple of days later on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (often in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and a great app.
But I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can spend cash you have in your existing current account with less fret about running out of money and the extra action. But that does not suggest it is perfect.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make income from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, complete details can be discovered on our pricing strategies.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Whenever you spend with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Online Card Payment Reverted