A new fintech business which I was presented to previously this year. Can I Let Someone Horrow My Currensea Card…
It has actually won a few awards over recent months for what it does (providing you a low-cost way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% cost.
Oh, and is free to get, which also helps.
There are also some interesting travel benefits if you select a paid plan, however the complimentary strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
include increasingly more functions which your existing consumers don’t really require or want
add charges, constraints or fees to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Monzo, curve and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Let Someone Horrow My Currensea Card
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
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 charge card offering 0% foreign exchange charges, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ alternatives which use 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 credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a very easy process. 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 bank account bank automatically validates 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 on the currency. If you have the totally free card, adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated invest notice by means of the app, if you select to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to splash 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 few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (frequently in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Luckily in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards assures big savings (85%) and a terrific app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less stress over lacking cash and the extra step. That does not imply 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 plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, permitting us to make earnings from our Important Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete details can be discovered on our pricing strategies.
Membership fees.
We charge an annual membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on deals.
Interchange.
Each time you invest with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Can I Let Someone Horrow My Currensea Card