A brand-new fintech business which I was presented to earlier this year. Currensea Using Card Abroad…
It has actually won a few awards over current months for what it does (using you a low-priced way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a normal debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is free to request, which likewise helps.
There are likewise some interesting travel benefits if you select a paid plan, but the complimentary strategy works fine. You can use here.
There is a service design 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 do not truly need or desire
include charges, restrictions or charges to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Revolut, monzo and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Using Card Abroad
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are few and far in between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely easy procedure. You use 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 automatically confirms that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated spend alert through the app, if you choose to install it.
The money is taken from your bank account a few days later.
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 reveals , 4.33 arranged to leave my HSBC account a couple of days later on:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (often in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards guarantees big cost savings (85%) and a fantastic app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend cash you have in your existing current account with less fret about lacking cash and the extra action. That does not indicate it is ideal.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make income from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, complete details can be found on our pricing plans.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also removes all FX markup on deals.
Every time you spend with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Using Card Abroad