A new fintech company which I was presented to previously this year. Currensea Card Reviews…
It has actually won a few awards over recent months for what it does (providing you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your existing account– just without the usual 3% cost.
Oh, and is complimentary to make an application for, which also helps.
There are also some fascinating travel benefits if you choose a paid plan, but the complimentary plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or less expensive than the competition
include a growing number of functions which your existing consumers don’t actually need or desire
include charges, fees or restrictions to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Reviews
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, 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, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank instantly validates 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. adds a 0.5% charge if you have the complimentary card. There are no costs if you have one of their paid cards.
You get an automated invest notice through the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees big cost savings (85%) and an excellent app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less stress over lacking money and the additional step. But that does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make earnings from our Necessary Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full details can be discovered on our pricing strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also removes all FX markup on transactions.
Whenever you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Reviews