A brand-new fintech company which I was introduced to previously this year. Order Currensea Card Online…
It has won a few awards over recent months for what it does (using you a low-priced way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply spend as you would on a normal debit card and the cash is taken from your current account– just without the normal 3% cost.
Oh, and is complimentary to request, which also assists.
There are also some fascinating travel benefits if you choose a paid plan, however the totally free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
add a growing number of functions which your existing customers don’t actually require or want
add limitations, charges or costs to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Monzo, curve and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Order Currensea Card Online
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make 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% forex charges, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use rewards and charge 0% FX charges are scarce. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a minimal FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs 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, a really simple process. 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 current account bank instantly confirms that you have enough 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% fee if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated invest notification via the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (typically in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees big cost savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can spend money you have in your existing current account with less worry about lacking cash and the extra action. However that does not mean it is best.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, allowing us to make income from our Essential Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, complete details can be found on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also removes all FX markup on transactions.
Every time you invest with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Order Currensea Card Online