A new fintech company which I was introduced to previously this year. Currensea Top Up Debit Card…
It has won a few awards over recent months for what it does (offering you an affordable method to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, 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 simply spend as you would on a typical debit card and the cash is taken from your current account– just without the typical 3% cost.
Oh, and is totally free to get, which also assists.
There are likewise some fascinating travel benefits if you choose a paid plan, but the free plan works fine. You can apply here.
There is a business 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 features which your existing customers do not truly require or want
include restrictions, fees or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are currently in Phase 3 …
is simple 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 Debit Card
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% charge.
That’s it.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges 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 impact your credit report by getting another credit card specifically to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, 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, globally).
Your bank account bank automatically confirms that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the free card. 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 choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no 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 reveals �,� 4.33 arranged to leave my HSBC account a couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (frequently in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Thankfully in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards guarantees big savings (85%) and a great app.
But I believe the very best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can spend cash you have in your existing current account with less stress over running out of money and the extra step. That does not indicate it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, permitting us to make income from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, full information can be found on our rates plans.
Subscription fees.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on transactions.
Interchange.
Every time you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Top Up Debit Card