A brand-new fintech company which I was presented to earlier this year. How To Use Your Currensea Card…
It has actually won a couple of awards over current months for what it does (providing you a low-priced method to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, 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 normal debit card and the cash is drawn from your bank account– just without the normal 3% cost.
Oh, and is free to look for, which also helps.
There are also some interesting travel advantages if you pick a paid plan, but the free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competitors
include a growing number of functions which your existing consumers don’t really need or desire
add costs, restrictions or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are currently in Phase 3 …
is easy 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 Your 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% charge.
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 totally free ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a very little FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, a very simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically validates that you have enough 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 free card, includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated spend alert by means of the app, if you choose to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any 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 reveals , 4.33 arranged to leave my HSBC account a few 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 practically to happen (frequently in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards Currensea promises big savings (85%) and a great app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest money you have in your existing current account with less stress over lacking money and the additional action. However that does not suggest it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, enabling us to make profits from our Essential Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, complete information can be found on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also eliminates all FX markup on deals.
Whenever you invest with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. How To Use Your Currensea Card