A new fintech company which I was presented to earlier this year. Currensea Prepaid Card Visa Or Mastercard…
It has won a couple of awards over recent months for what it does (offering you an affordable way to invest 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. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% cost.
Oh, and is free to look for, which likewise assists.
There are likewise some interesting travel benefits if you select a paid strategy, but the complimentary strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
add more and more features which your existing clients don’t actually want or require
add constraints, fees or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are currently 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 Prepaid Card Visa Or Mastercard
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps 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 specifically to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a very easy procedure. 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 automatically verifies that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automatic spend alert by means of the app, if you select to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle 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 couple of days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (frequently in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea promises huge savings (85%) and a great app.
However I believe the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less worry about lacking cash and the extra step. That does not suggest it is best.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make revenue from our Important 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 free quantity on all our plans, full details can be found on our pricing plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on transactions.
Whenever you spend with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Prepaid Card Visa Or Mastercard