A new fintech business which I was presented to earlier this year. South Korea Currency Currensea Card…
It has actually won a couple of awards over current months for what it does (using you a low-priced method to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your current account– just without the typical 3% charge.
Oh, and is complimentary to look for, which likewise helps.
There are also some interesting travel advantages if you pick a paid strategy, but the free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or more affordable than the competition
add more and more functions which your existing consumers do not really need or desire
include 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 Stage 1 of this procedure and will ideally stay there. Curve, monzo and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? South Korea Currency Currensea Card
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank 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 want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, charge card which use rewards and charge 0% FX charges are rare. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely simple procedure. You utilize 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 immediately confirms that you have sufficient 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 totally free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notice by means of the app, if you select to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 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 couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Fortunately over the last few years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards promises huge cost savings (85%) and an excellent app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less worry about running out of cash and the extra step. That does not suggest it is best.
In this Currensea evaluation is the good, the bad, the awful 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, enabling us to make earnings from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, full details can be found on our rates plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on transactions.
Whenever you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. South Korea Currency Currensea Card