A new fintech business which I was presented to earlier this year. What Is Currensea Card…
It has won a few awards over recent months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your current account– just without the normal 3% charge.
Oh, and is free to look for, which also helps.
There are likewise some interesting travel benefits if you select a paid plan, however the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or more affordable than the competition
include increasingly more features which your existing customers don’t truly need or desire
include charges, restrictions or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? What Is Currensea Card
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
That’s it.
You don’t (yet …) earn 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% forex charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult kids, moms and dads, 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 said earlier, 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, worldwide).
Your bank account bank immediately confirms that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automated spend alert by means of the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 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 few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (often in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully in recent years a handful of terrific travel debit cards have popped onto the scene … and like other great cards guarantees huge savings (85%) and a terrific app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less fret about lacking cash and the additional step. However that does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make revenue from our Vital Plan whilst staying much cheaper 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, complete details can be discovered on our prices strategies.
Subscription fees.
We charge an annual membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost likewise removes all FX markup on transactions.
Interchange.
Whenever you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. What Is Currensea Card