A brand-new fintech company which I was presented to previously this year. Using A Currensea Card…
It has won a couple of awards over recent months for what it does (using you a low-cost 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 between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a regular debit card and the cash is drawn from your bank account– just without the normal 3% charge.
Oh, and is free to request, which also helps.
There are likewise some interesting travel benefits if you choose a paid plan, but the free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include more and more features which your existing clients do not really desire or require
add charges, fees or limitations to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Using A Currensea Card
It is a totally free direct debit card to use abroad and which automatically charges 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 utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide benefits and charge 0% FX charges are rare. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated previously, a very basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank immediately verifies that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automatic spend alert via the app, if you pick to install it.
The money is taken from your bank account a few days later.
Here is an example. With no 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 shows , 4.33 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (frequently in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily over the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards assures big savings (85%) and a terrific app.
However I believe the very best bit might be what no other card does: links to your existing high street savings account.
What this means is you can invest cash you have in your existing bank account with less fret about running out of money and the extra action. However that does not indicate it is perfect.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Necessary Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full details can be discovered on our pricing strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on transactions.
Each time you invest with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Using A Currensea Card