A new fintech company which I was introduced to previously this year. Currensea Top Up Credit Card…
It has won a couple of awards over current months for what it does (providing you a low-cost way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your existing account– simply without the normal 3% cost.
Oh, and is complimentary to get, which likewise helps.
There are likewise some intriguing travel advantages if you pick a paid strategy, but the free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competitors
include more and more features which your existing consumers don’t truly desire or require
add charges, limitations or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Top Up Credit Card
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
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 need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are few and far in between. The only ‘miles and points’ choices which use 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 charges and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly validates that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automatic invest notification via the app, if you choose to install it.
The cash is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the journal, 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 scheduled to leave my HSBC account a few days later on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (often in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea assures big cost savings (85%) and a great app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less fret about lacking money and the additional step. However that does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, permitting us to make earnings from our Necessary Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, full details can be found on our prices plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Top Up Credit Card