A new fintech company which I was introduced to previously this year. Visa Infinite Card Currensea…
It has won a couple of awards over current months for what it does (using you a low-cost way to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
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 merely spend as you would on a normal debit card and the cash is taken from your current account– simply without the typical 3% charge.
Oh, and is complimentary to get, which likewise helps.
There are likewise some fascinating travel benefits if you pick a paid strategy, however the totally free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competitors
include a growing number of functions which your existing consumers don’t really want or need
add charges, fees or limitations to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple 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? Visa Infinite Card Currensea
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a little 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 conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a very easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank instantly validates that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the totally free card. There are no fees if you have one of their paid cards.
You get an automated spend notification via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, 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 scheduled to leave my HSBC account a few days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (often in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures huge cost savings (85%) and an excellent app.
But I think the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest money you have in your existing current account with less worry about lacking cash and the additional step. That does not mean it is best.
In this Currensea evaluation is the great, the bad, the ugly and the options, 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 deal, enabling us to make income from our Important Strategy whilst remaining more affordable than other pre-paid 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 found on our prices plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost likewise removes all FX markup on deals.
Whenever you invest with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Visa Infinite Card Currensea