A new fintech company which I was introduced to earlier this year. Prepaid Credit Card Currensea…
It has actually won a couple of awards over current months for what it does (providing you a low-priced way to invest abroad) but what I like about is that it is easy 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 existing account– just without the typical 3% cost.
Oh, and is complimentary to obtain, which likewise helps.
There are also some interesting travel advantages if you choose a paid strategy, however the totally free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or cheaper than the competitors
include increasingly more functions which your existing clients do not truly need or want
add charges, restrictions or fees to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Prepaid Credit Card Currensea
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (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% forex fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ options which use a partial service 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 credit 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 an item which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a really simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly confirms that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated spend notification through the app, if you pick to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, 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 arranged to leave my HSBC account a couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (often in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards assures big cost savings (85%) and a terrific app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less fret about running out of money and the extra action. That does not mean it is ideal.
In this Currensea review is the good, the bad, the awful and the options, so that you can decide.
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 earnings from our Vital Plan whilst staying more affordable 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 plans, full details can be discovered on our pricing plans.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also removes all FX markup on deals.
Every time you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Prepaid Credit Card Currensea