A new fintech business which I was introduced to earlier this year. What Type Of Card Is Currensea…
It has actually won a couple of awards over current months for what it does (using you an affordable way to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a typical debit card and the cash is drawn from your current account– simply without the normal 3% charge.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some interesting travel benefits if you choose a paid plan, however the totally free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or more affordable than the competitors
add increasingly more functions which your existing customers do not actually require or desire
include charges, costs or restrictions to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Revolut, curve and monzo are already in Phase 3 …
is easy 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 Type Of Card Is Currensea
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
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 fees, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX costs are scarce. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic invest notification by means of the app, if you select to install it.
The money is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 set up 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 happen (frequently in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards promises big cost savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can invest money you have in your existing current account with less worry about running out of money and the additional step. However that does not imply it is best.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make revenue from our Important Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be found on our rates plans.
Subscription costs.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on deals.
Interchange.
Whenever you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. What Type Of Card Is Currensea