A brand-new fintech company which I was introduced to earlier this year. Is The Currensea Card Safe…
It has won a couple of awards over recent months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
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 current account– just without the normal 3% charge.
Oh, and is complimentary to make an application for, which likewise assists.
There are likewise some fascinating travel advantages if you pick a paid plan, however the free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
include increasingly more features which your existing clients don’t truly need or desire
add charges, charges or constraints to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Is The Currensea Card Safe
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a really simple procedure. 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 bank account bank automatically validates that you have enough cash 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 complimentary card. If you have one of their paid cards, there are no fees.
You get an automatic invest notice via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later.
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 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (typically in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees huge cost savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less worry about lacking cash and the additional step. But that does not suggest 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 small FX markup on our Vital Strategy of 0.5% per deal, permitting us to make revenue from our Necessary Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be discovered on our pricing strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost also gets rid of all FX markup on deals.
Whenever you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. Is The Currensea Card Safe