A new fintech business which I was presented to previously this year. How Can I Get My Currensea Card Free…
It has actually won a few awards over current months for what it does (offering you an affordable 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 just invest as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% fee.
Oh, and is free to apply for, which also assists.
There are likewise some interesting travel benefits if you choose a paid strategy, but the complimentary 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 something well, and for free or less expensive than the competition
include increasingly more features which your existing clients do not truly require or desire
include costs, restrictions or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are already in Stage 3 …
is simple 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? How Can I Get My Currensea Card Free
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for using 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 desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said previously, a really 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 enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic spend notice by means of the app, if you pick to install it.
The cash is drawn from your current account a few days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 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 couple of days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (typically in a various language) while not telling you about the inflated currency conversion fees 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 great cards Currensea assures big cost savings (85%) and a fantastic app.
I think the best bit may 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 additional action. That does not mean it is ideal.
In this Currensea evaluation is the excellent, 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 Vital Plan of 0.5% per deal, permitting us to make profits from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, full details can be discovered on our prices plans.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on deals.
Every time you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. How Can I Get My Currensea Card Free