A brand-new fintech company which I was presented to previously this year. Can You Add Another Name To Your Currensea Card…
It has actually won a few awards over recent months for what it does (providing you an affordable method to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a normal debit card and the cash is drawn from your bank account– just without the usual 3% cost.
Oh, and is free to look for, which likewise helps.
There are also some interesting travel benefits if you select a paid plan, but the complimentary plan 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 one thing well, and free of charge or cheaper than the competition
add increasingly more features which your existing customers don’t actually need or desire
add constraints, charges or costs 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. Curve, monzo and revolut are currently 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? Can You Add Another Name To Your Currensea Card
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline miles or points for utilizing 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 want free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly 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 minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who requires 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 simple 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 instantly 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 upon the currency. includes a 0.5% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automated spend alert by means of the app, if you choose to install it.
The cash is taken from your bank account a few 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 shows , 4.33 arranged to leave my HSBC account a couple of days later:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (typically in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and an excellent app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can spend cash you have in your existing current account with less fret about lacking cash and the extra action. However that does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, allowing us to make earnings from our Important Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, full details can be found on our prices strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on deals.
Each time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Can You Add Another Name To Your Currensea Card