A brand-new fintech business which I was introduced to previously this year. Can You Cancel A Currensea Card…
It has won a couple of awards over recent months for what it does (offering you a low-cost method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a normal debit card and the money is taken from your current account– simply without the typical 3% cost.
Oh, and is complimentary to obtain, which also helps.
There are also some interesting travel benefits if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competition
add a growing number of functions which your existing customers do not truly want or need
include constraints, fees or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are currently in Stage 3 …
is easy 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 You Cancel A Currensea Card
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn 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% forex charges, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and just a very little FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated previously, a very easy process. You use 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 automatically 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. 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 notification by means of the app, if you select to install it.
The money is drawn 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 buy 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 few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (frequently in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards promises big savings (85%) and a terrific app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less fret about lacking money and the extra step. But that does not indicate it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, enabling us to make earnings from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be discovered on our prices plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost likewise removes all FX markup on transactions.
Every time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Can You Cancel A Currensea Card