A brand-new fintech company which I was introduced to earlier this year. Reviews On Currensea Card…
It has actually won a couple of awards over recent months for what it does (using you a low-priced method to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply spend as you would on a regular debit card and the cash is taken from your bank account– simply without the normal 3% cost.
Oh, and is free to look for, which likewise assists.
There are also some intriguing travel benefits if you select a paid strategy, however the free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or cheaper than the competition
add more and more features which your existing customers do not actually need or want
add charges, limitations or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo are currently 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? Reviews On Currensea Card
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are few and far in between. The only ‘points and miles’ options which provide 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 costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a very easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically validates 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. adds a 0.5% cost if you have the free card. There are no charges if you have one of their paid cards.
You get an automated invest notice by means of the app, if you pick to install it.
The money is taken 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 shows , 4.33 set up to leave my HSBC account a few days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (often in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea promises huge savings (85%) and an excellent app.
However I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing current account with less stress over running out of cash and the additional action. However that does not imply it is best.
In this Currensea evaluation is the excellent, 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 Necessary Strategy of 0.5% per deal, allowing us to make income from our Important Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, full details can be discovered on our pricing strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on transactions.
Each time you spend with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Reviews On Currensea Card