A new fintech company which I was presented to earlier this year. Use Currensea Card Abroad…
It has won a couple of awards over recent months for what it does (providing you a low-priced way to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, 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 invest as you would on a typical debit card and the cash is taken from your current account– simply without the typical 3% fee.
Oh, and is totally free to request, which also assists.
There are also some interesting travel advantages if you choose a paid strategy, but the free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or more affordable than the competition
include more and more functions which your existing customers do not really want or need
add charges, limitations or fees to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Revolut, curve 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? Use Currensea Card Abroad
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said previously, a very basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic invest alert by means of the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 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 on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (frequently in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Luckily in the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards promises huge cost savings (85%) and an excellent app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less stress over running out of cash and the additional step. That does not imply it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, enabling us to make profits from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, full information can be found on our rates plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on transactions.
Every time 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. Use Currensea Card Abroad