A brand-new fintech business which I was introduced to previously this year. How To Use Currensea Card Abroad…
It has won a couple of awards over current months for what it does (providing you a low-cost method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is drawn from your current account– simply without the typical 3% charge.
Oh, and is free to make an application for, which likewise helps.
There are also some intriguing travel benefits if you select a paid strategy, however the free strategy works fine. You can use 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 more affordable than the competitors
add increasingly more features which your existing consumers don’t truly desire or require
add costs, charges or limitations to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are currently in Phase 3 …
is simple 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? How To Use Currensea Card Abroad
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
However, credit cards which offer rewards and charge 0% FX costs are scarce. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and just a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I stated previously, a really easy 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 current account bank automatically confirms that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, adds a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated invest notice via the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 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 few days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (frequently in a various language) while not telling you about the exorbitant currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Luckily over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards promises big cost savings (85%) and a great app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less fret about lacking cash and the additional action. 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 choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, allowing us to make income from our Important Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full information can be found on our rates strategies.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also removes all FX markup on deals.
Every time you invest with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. How To Use Currensea Card Abroad