A brand-new fintech company which I was introduced to previously this year. Can You Put Temporary Freeze On Currensea Card…
It has actually won a few awards over current months for what it does (providing you an inexpensive way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your current account– simply without the normal 3% charge.
Oh, and is free to look for, which also assists.
There are also some interesting travel advantages if you pick a paid plan, but the totally free plan works fine. You can apply here.
There is a company 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 more and more features which your existing clients don’t truly require or want
include costs, limitations or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Stage 3 …
is simple 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 Put Temporary Freeze On Currensea Card
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX fees are rare. The only ‘points and miles’ alternatives which provide a partial service 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 costs and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, 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 work in practice?
It is, as I said previously, an extremely basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically verifies that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic spend notification via the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (often in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises huge savings (85%) and a terrific app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less fret about running out of money and the additional action. But that does not mean it is ideal.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, allowing us to make income from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, full information can be found on our rates plans.
We charge a yearly membership cost 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 invest with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Can You Put Temporary Freeze On Currensea Card