A new fintech business which I was introduced to earlier this year. Is A Currensea Card Safe…
It has actually won a few awards over recent months for what it does (providing you an inexpensive method to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You just invest as you would on a normal debit card and the money is taken from your present account– simply without the usual 3% cost.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some interesting travel benefits if you select a paid plan, but the totally free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or more affordable than the competitors
add more and more functions which your existing customers do not really desire or need
add fees, limitations or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is simple 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? Is A Currensea Card Safe
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which offer rewards and charge 0% FX charges are scarce. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t 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 an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.
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 local currency (any currency, globally).
Your current account bank immediately validates that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no fees.
You get an automatic invest notification via the app, if you select to install it.
The money is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 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 couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (typically in a different language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises huge savings (85%) and a terrific app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less stress over running out of cash and the extra step. However that does not indicate it is ideal.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make revenue from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be discovered on our prices plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on transactions.
Each time you spend with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Is A Currensea Card Safe