A new fintech company which I was introduced to earlier this year. Currensea Us Credit Card…
It has won a few awards over recent months for what it does (providing you a low-cost method to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your existing account– simply without the usual 3% fee.
Oh, and is totally free to apply for, which also helps.
There are likewise some fascinating travel advantages if you pick a paid plan, however the totally free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
add a growing number of functions which your existing clients don’t actually want or need
add charges, limitations 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 remain there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Us Credit Card
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect 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 per month without any costs 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 a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
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% charge 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 through the app, if you choose to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and buy 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 couple of days later:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (often in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately recently a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge savings (85%) and a great app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less stress over running out of cash and the extra action. However that does not imply it is best.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, permitting us to make profits from our Important Plan whilst remaining more affordable 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 strategies, complete details can be found on our pricing plans.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also gets rid of all FX markup on deals.
Every time you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Us Credit Card