A brand-new fintech company which I was introduced to earlier this year. How To Order A New Currensea Card…
It has actually won a couple of awards over recent months for what it does (providing you an affordable method to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is drawn from your current account– simply without the usual 3% cost.
Oh, and is free to make an application for, which likewise helps.
There are also some interesting travel benefits if you choose a paid plan, 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 one thing well, and for free or less expensive than the competition
add a growing number of functions which your existing consumers do not truly desire or need
include charges, charges or limitations to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How To Order A New Currensea Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 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 charge card offering 0% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are few and far in between. The only ‘miles and points’ choices which use a partial service 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 charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said previously, an extremely easy procedure. 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 bank account bank automatically verifies that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic spend alert via the app, if you pick to install it.
The cash is taken 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 reveals , 4.33 set up to leave my HSBC account a couple of days later on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (frequently in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards promises big cost savings (85%) and a terrific app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less stress over lacking cash and the additional step. However that does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, allowing us to make earnings from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be discovered on our prices plans.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also eliminates all FX markup on deals.
Each time you spend with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. How To Order A New Currensea Card