A new fintech business which I was presented to earlier this year. How Much Does A Currensea Card Cost…
It has won a few awards over recent months for what it does (using you a low-priced way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is taken from your bank account– just without the normal 3% charge.
Oh, and is complimentary to look for, which also helps.
There are also some interesting travel benefits if you choose a paid plan, but the totally free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or more affordable than the competition
add increasingly more features which your existing clients do not truly need or want
add fees, charges or restrictions to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How Much Does A Currensea Card Cost
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which provide benefits and charge 0% FX costs are scarce. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges 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 impact your credit report by getting another charge card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated previously, a very 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, internationally).
Your bank account bank immediately confirms that you have enough 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 totally free card. 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 choose to install it.
The money is taken from your bank account a few days later.
Here is an example. With no 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 shows , 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (frequently in a different language) while not telling you about the exorbitant currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Luckily over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards promises huge cost savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this implies is you can invest money you have in your existing bank account with less worry about running out of money and the additional step. That does not mean it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make income from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, complete information can be found on our prices strategies.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.
Every time you spend 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. How Much Does A Currensea Card Cost