A new fintech business which I was introduced to previously this year. Turn Currensea Card Packaging Into Card…
It has won a few awards over recent months for what it does (providing you a low-cost way to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a typical debit card and the cash is taken from your bank account– simply without the normal 3% charge.
Oh, and is totally free to request, which likewise assists.
There are also some intriguing travel benefits if you choose a paid plan, however the complimentary plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competition
add increasingly more features which your existing consumers don’t truly desire or need
add charges, costs or restrictions to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Turn Currensea Card Packaging Into Card
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, charge card which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated previously, a really easy procedure. 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 current account bank immediately confirms 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. If you have one of their paid cards, there are no costs.
You get an automatic spend notification by means of the app, if you choose to install it.
The cash is drawn from your current account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash 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:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (frequently in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Thankfully over the last few years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards assures big savings (85%) and an excellent app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less worry about running out of money and the extra step. That does not mean it is perfect.
In this Currensea evaluation is the excellent, 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, enabling us to make profits from our Essential Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be discovered on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on transactions.
Every time you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Turn Currensea Card Packaging Into Card