A brand-new fintech business which I was presented to previously this year. Currensea Prepaid Dollar Card…
It has actually won a couple of awards over recent months for what it does (offering you an inexpensive method to spend 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. You merely spend as you would on a normal debit card and the money is taken from your present account– just without the typical 3% fee.
Oh, and is totally free to apply for, which also assists.
There are also some fascinating travel benefits if you pick a paid plan, however the totally free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add increasingly more features which your existing consumers don’t truly need or desire
include charges, constraints or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Curve, monzo and revolut are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Prepaid Dollar Card
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish 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 totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are few and far in between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does operate 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, internationally).
Your current account bank instantly verifies that you have enough cash in your account and authorises the deal.
The deal 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% cost. There are no fees if you have among their paid cards.
You get an automatic spend notification through the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled 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 daylight robbery that is almost to take place (frequently in a various language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big cost savings (85%) and an excellent app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less worry about lacking money and the extra action. That does not indicate it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, allowing us to make income 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 use over the totally free amount on all our plans, full details can be discovered on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on transactions.
Whenever you spend with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Prepaid Dollar Card