A new fintech company which I was introduced to earlier this year. Why Wont Airlines Accept Currensea Card…
It has won a few awards over recent months for what it does (providing you a low-priced method to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You simply spend as you would on a typical debit card and the cash is drawn from your current account– simply without the typical 3% charge.
Oh, and is totally free to obtain, which likewise assists.
There are also some fascinating travel advantages if you choose a paid strategy, however the complimentary plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or more affordable than the competitors
include increasingly more functions which your existing clients do not really require or want
include costs, limitations or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Why Wont Airlines Accept Currensea Card
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make 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% forex charges, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX fees are couple of and far between. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said earlier, a really easy procedure. You utilize 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 confirms that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automatic invest notification through the app, if you select to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (frequently in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees huge cost savings (85%) and a great app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing current account with less worry about lacking cash and the additional step. But that does not suggest it is best.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make profits from our Necessary Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete details can be found on our rates plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also removes all FX markup on deals.
Each time you invest with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Why Wont Airlines Accept Currensea Card