A brand-new fintech company which I was introduced to previously this year. How Much Can I Spend On My Currensea Card…
It has actually won a few awards over current months for what it does (using you a low-cost way to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your current account– simply without the usual 3% fee.
Oh, and is complimentary to obtain, which likewise assists.
There are also some intriguing travel advantages if you pick a paid plan, however the complimentary plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or less expensive than the competition
include increasingly more features which your existing customers do not actually require or desire
include charges, costs or restrictions to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Curve, monzo and revolut are already in Phase 3 …
is easy 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? How Much Can I Spend On My Currensea Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX fees are rare. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs 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 said previously, a very 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, worldwide).
Your current 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 upon the currency. If you have the complimentary card, includes a 0.5% fee. There are no fees if you have among their paid cards.
You get an automatic spend alert via the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (often in a different language) while not telling you about the inflated currency conversion charges happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and an excellent app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash you have in your existing current account with less stress over running out of cash and the extra action. But 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 plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make revenue from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our plans, full details can be found on our pricing strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise removes all FX markup on transactions.
Each time you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. How Much Can I Spend On My Currensea Card