A new fintech company which I was presented to earlier this year. Do I Need A Currensea Card…
It has actually won a few awards over recent months for what it does (using you a low-priced method to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You just invest 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 totally free to apply for, which also helps.
There are likewise some fascinating travel benefits if you choose a paid strategy, but the totally free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add a growing number of features which your existing consumers do not really want or need
include costs, charges or constraints to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are currently in Phase 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? Do I Need A Currensea Card
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
You do not (yet …) earn any airline miles or points for using 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 desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX fees are few and far in between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly validates that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic spend notification by means of the app, if you pick to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 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 couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (typically in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Fortunately over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards assures huge 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 bank account with less fret about lacking money and the extra action. That does not imply it is best.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make profits from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete information can be found on our rates plans.
Subscription costs.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on deals.
Interchange.
Each time you spend with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Do I Need A Currensea Card