A new fintech business which I was presented to earlier this year. Order A Currensea Card Uk…
It has won a couple of awards over current months for what it does (offering 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, efficiently, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your existing account– just without the normal 3% charge.
Oh, and is free to apply for, which also helps.
There are likewise some fascinating travel benefits if you choose a paid strategy, however the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competitors
include more and more functions which your existing consumers do not really require or desire
add charges, restrictions or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Curve, Revolut and Monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Order A Currensea Card Uk
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (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 charges, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said previously, an extremely basic process. You utilize 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 immediately validates that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automatic invest notification by means of the app, if you pick to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, 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 arranged to leave my HSBC account a few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (often in a various language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me started. 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 assures big cost savings (85%) and a great app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can spend money you have in your existing bank account with less worry about lacking cash and the extra step. That does not mean 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 Essential Strategy of 0.5% per transaction, permitting us to make income from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete information can be discovered on our pricing plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on deals.
Each time you invest with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Order A Currensea Card Uk