A new fintech company which I was presented to previously this year. White Label Debit Card Currensea…
It has actually won a couple of awards over current months for what it does (using you an inexpensive way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your existing account– simply without the typical 3% charge.
Oh, and is free to obtain, which likewise helps.
There are also some interesting travel advantages if you choose a paid strategy, but the totally free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add a growing number of features which your existing clients don’t really need or desire
include charges, restrictions or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Stage 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? White Label Debit Card Currensea
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which allows 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 small fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone 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 stated previously, an extremely basic procedure. You utilize 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 automatically confirms that you have enough cash in your account and authorises the transaction.
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. There are no costs if you have one of their paid cards.
You get an automated invest alert through the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 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:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (frequently in a various language) while not telling you about the outrageous currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards promises huge savings (85%) and a terrific app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less fret about running out of money and the extra step. That does not mean it is ideal.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, enabling us to make income from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, full details can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost also removes all FX markup on transactions.
Every time you spend with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. White Label Debit Card Currensea