A brand-new fintech business which I was introduced to previously this year. Lost Currensea Card…
It has won a couple of awards over recent months for what it does (providing you an affordable method to spend 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 just invest as you would on a normal debit card and the cash is taken from your present account– simply without the usual 3% charge.
Oh, and is complimentary to make an application for, which also helps.
There are likewise some fascinating travel benefits if you pick a paid strategy, however the totally free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competitors
add increasingly more functions which your existing customers don’t really require or desire
add costs, charges or restrictions to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Lost Currensea Card
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
That’s it.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect 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 per month with no costs and just a very little FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a very 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, internationally).
Your bank account bank automatically confirms that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, includes a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automated invest notification by means of the app, if you pick to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 set up to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (often in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully recently a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge savings (85%) and a terrific app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less fret about lacking cash and the additional step. But that does not suggest it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, permitting us to make earnings from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, full information can be discovered on our pricing strategies.
Membership costs.
We charge an annual subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on deals.
Interchange.
Each time you spend with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Lost Currensea Card