A new fintech company which I was introduced to earlier this year. Is The Currensea Card A Mastercard Or Debit…
It has won a few awards over recent months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a typical debit card and the money is drawn from your current account– simply without the usual 3% charge.
Oh, and is complimentary to apply for, which also assists.
There are also some fascinating travel benefits if you select a paid strategy, however the complimentary strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
include increasingly more features which your existing customers do not really desire or require
include charges, constraints or costs to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, curve and monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Is The Currensea Card A Mastercard Or Debit
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
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 credit card offering 0% foreign exchange fees, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer rewards and charge 0% FX fees are scarce. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs 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 said earlier, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically verifies that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automatic spend alert via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later on:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (frequently in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Fortunately recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards guarantees huge cost savings (85%) and a great app.
However I believe the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less fret about lacking money and the extra step. But that does not indicate it is best.
In this Currensea review 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 small FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make earnings from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our plans, complete details can be discovered on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also removes 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 credited you. Is The Currensea Card A Mastercard Or Debit