A brand-new fintech business which I was presented to previously this year. Is It Currensea Card Available In My Country…
It has won a couple of awards over recent months for what it does (offering you a low-priced 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. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a regular debit card and the cash is taken from your bank account– just without the typical 3% cost.
Oh, and is complimentary to look for, which also helps.
There are likewise some interesting travel benefits if you choose a paid strategy, but the free strategy 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 something well, and totally free or cheaper than the competition
add increasingly more functions which your existing customers don’t truly want or need
include limitations, charges or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Monzo, curve and revolut are currently in Stage 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? Is It Currensea Card Available In My Country
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically validates that you have enough cash in your account and authorises the deal.
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 totally free card. There are no fees if you have one of their paid cards.
You get an automatic invest alert through the app, if you choose to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. With no 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 reveals , 4.33 arranged to leave my HSBC account a couple of days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (typically in a various language) while not telling you about the expensive currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea promises big cost savings (85%) and an excellent app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less worry about running out of money and the additional action. But that does not suggest it is perfect.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make profits from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, full details can be discovered on our rates strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also gets rid of all FX markup on transactions.
Every time you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Is It Currensea Card Available In My Country