A brand-new fintech business which I was presented to previously this year. Order Currensea Card Free…
It has won a couple of awards over current months for what it does (offering you an inexpensive method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. You simply invest as you would on a regular debit card and the money is taken from your current account– just without the normal 3% fee.
Oh, and is totally free to get, which likewise assists.
There are also some intriguing travel advantages if you pick a paid strategy, however the complimentary plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add increasingly more features which your existing consumers do not actually want or need
add limitations, charges 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 hopefully remain there. Monzo, revolut and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Order Currensea Card Free
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX costs are few and far in between. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly verifies that you have sufficient money 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 free card. There are no costs if you have among their paid cards.
You get an automatic invest alert through the app, if you pick to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (often in a different language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Thankfully recently a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards promises big cost savings (85%) and a great app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less stress over lacking cash and the additional step. However that does not mean it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, allowing us to make profits from our Important Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, full information can be discovered on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on deals.
Each time you spend with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Order Currensea Card Free