A new fintech company which I was introduced to previously this year. Currensea Prepaid Card Reviews…
It has actually won a few awards over recent months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, 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 merely spend as you would on a typical debit card and the cash is taken from your current account– simply without the typical 3% charge.
Oh, and is free to make an application for, which likewise assists.
There are likewise some intriguing travel benefits if you select a paid strategy, however 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 for free or cheaper than the competition
include increasingly more functions which your existing customers do not actually require or desire
add limitations, charges or fees to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, curve and monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Prepaid Card Reviews
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, charge card which provide rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge 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 allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, a really 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, worldwide).
Your bank account bank immediately validates that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic spend alert through the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided 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:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (often in a different language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards guarantees huge cost savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less fret about running out of cash and the extra step. That does not mean it is perfect.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, enabling us to make profits from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, complete details can be discovered on our rates plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on transactions.
Whenever you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. Currensea Prepaid Card Reviews