A brand-new fintech company which I was introduced to previously this year. How Many Names Can You Put On A Currensea Card…
It has actually won a few awards over recent months for what it does (using you a low-cost method to invest abroad) however 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 invest as you would on a typical debit card and the cash is taken from your current account– just without the usual 3% cost.
Oh, and is free to apply for, which also assists.
There are also some fascinating travel advantages if you choose a paid plan, however the complimentary plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add more and more functions which your existing clients do not truly desire or require
include restrictions, charges or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, monzo and revolut are currently in Stage 3 …
is easy 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? How Many Names Can You Put On A Currensea Card
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
You do not (yet …) make 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 require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, charge card which use rewards and charge 0% FX fees are scarce. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, a very simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically verifies that you have enough money in your account and authorises the deal.
The deal 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% fee. There are no fees if you have one of their paid cards.
You get an automatic spend notification via the app, if you select to install it.
The money is drawn from your bank account a few days later on.
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 converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (often in a different language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards assures big cost savings (85%) and an excellent app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less fret about lacking cash and the additional step. That does not mean it is best.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, allowing us to make income from our Important Strategy 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 rates plans.
Membership charges.
We charge an annual membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on transactions.
Interchange.
Whenever you spend with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. How Many Names Can You Put On A Currensea Card