A new fintech company which I was introduced to previously this year. Currensea Card Delivery…
It has actually won a couple of awards over recent months for what it does (using you a low-priced method to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a typical debit card and the cash is drawn from your current account– just without the typical 3% charge.
Oh, and is totally free to look for, which also helps.
There are also some intriguing travel benefits if you choose a paid plan, however the free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add a growing number of functions which your existing consumers do not actually want or require
include charges, limitations or costs to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Delivery
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
That’s it.
You do not (yet …) make 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% foreign exchange fees, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ alternatives which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps 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 allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and just a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank automatically validates that you have adequate 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. includes a 0.5% charge if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automated spend notice through the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 arranged to leave my HSBC account a couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (frequently in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big cost savings (85%) and a terrific app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less worry about lacking cash and the additional action. However that does not suggest it is ideal.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, enabling us to make revenue from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, complete details can be found on our prices strategies.
Membership costs.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost likewise gets rid of all FX markup on deals.
Interchange.
Whenever you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Delivery