A brand-new fintech company which I was presented to earlier this year. Currensea Pre Payment Card…
It has actually won a few awards over current months for what it does (providing you an affordable method to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely spend as you would on a normal debit card and the money is taken from your current account– simply without the normal 3% fee.
Oh, and is complimentary to look for, which also assists.
There are also some intriguing travel benefits if you select a paid plan, but the free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add more and more features which your existing clients do not actually desire or need
include constraints, charges or costs to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Pre Payment Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees 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 per month with no costs and only a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically confirms that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic spend alert by means of the app, if you select to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the diary, 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 set up to leave my HSBC account a few days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (frequently in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards guarantees big cost savings (85%) and an excellent app.
However I think the best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can invest money you have in your existing bank account with less stress over lacking cash and the extra step. But that does not suggest it is ideal.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, enabling us to make earnings from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, complete information can be found on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on deals.
Whenever you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Pre Payment Card