A new fintech business which I was presented to previously this year. Debit Card Currensea…
It has won a couple of awards over recent months for what it does (offering you an inexpensive method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, 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 simply spend as you would on a normal debit card and the cash is drawn from your bank account– just without the typical 3% cost.
Oh, and is complimentary to look for, which likewise helps.
There are also some interesting travel advantages if you select a paid strategy, however the complimentary strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competition
add a growing number of features which your existing customers don’t actually desire or require
include charges, charges or limitations to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay 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 bar in 30 seconds?’ test:
What countries can I use Currensea? Debit Card Currensea
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a very little FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said previously, a really easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly verifies that you have sufficient 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. If you have the totally free card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic spend notice by means of the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (often in a different language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards guarantees big cost savings (85%) and a terrific app.
But I think the best bit might be what no other card does: connects to your existing high street checking account.
What this suggests is you can spend money you have in your existing bank account with less stress over lacking money and the additional step. That does not suggest it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, full information can be discovered on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on transactions.
Every time you invest with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Debit Card Currensea