A brand-new fintech company which I was introduced to earlier this year. Currensea Sidemen Card Uk…
It has won a couple of awards over recent months for what it does (providing you an affordable way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is taken from your bank account– just without the typical 3% cost.
Oh, and is complimentary to request, which likewise assists.
There are likewise some intriguing travel benefits if you choose a paid strategy, but the free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or less expensive than the competition
include a growing number of features which your existing customers do not actually require or desire
add restrictions, costs or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is easy 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 Sidemen Card Uk
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated previously, a really basic process. You utilize 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 instantly verifies that you have sufficient money in your account and authorises the deal.
The transaction 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 costs.
You get an automatic spend notification by means of the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and purchase 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 few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to occur (frequently in a various language) while not telling you about the inflated currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards assures huge savings (85%) and a fantastic app.
But I believe the best bit might be what no other card does: links to your existing high street checking account.
What this means is you can spend cash you have in your existing current account with less fret about lacking money and the additional action. However that does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, permitting us to make profits from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, full details can be found on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge also gets rid of all FX markup on deals.
Each time you invest with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Sidemen Card Uk