A new fintech company which I was presented to earlier this year. Uber Currensea Card…
It has actually won a few awards over current months for what it does (using you an affordable method to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a typical debit card and the cash is taken from your bank account– just without the usual 3% fee.
Oh, and is free to apply for, which likewise helps.
There are also some fascinating travel benefits if you select a paid strategy, however the totally free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
include a growing number of functions which your existing clients do not really require or desire
include costs, constraints or charges to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is basic 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? Uber Currensea Card
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn 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% foreign exchange costs, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX costs are couple of and far between. The only ‘points and miles’ options which use a partial service are the Virgin Atlantic charge card which have 0% FX charges 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 impact your credit report by getting another credit card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a very simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically confirms that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, adds a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automated spend notice through the app, if you select to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any 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 set up to leave my HSBC account a few days later:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (often in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Fortunately recently a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards promises big cost savings (85%) and a fantastic app.
But I think 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 cash you have in your existing current account with less worry about running out of money and the extra step. That does not indicate it is ideal.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, allowing us to make revenue from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, full details can be discovered on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise removes all FX markup on deals.
Whenever you invest with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Uber Currensea Card