A brand-new fintech company which I was presented to previously this year. Is Card Free Via Currensea…
It has actually won a couple of awards over current months for what it does (offering you an inexpensive way to spend abroad) but what I like about is that it is easy 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 bank account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is taken from your current account– simply without the typical 3% fee.
Oh, and is complimentary to make an application for, which also assists.
There are also some interesting travel advantages if you choose a paid strategy, however the complimentary plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include increasingly more functions which your existing customers don’t truly need or want
include costs, restrictions or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are currently in Phase 3 …
is simple 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? Is Card Free Via Currensea
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
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% forex charges, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ alternatives which provide a partial solution 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 charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically validates 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 upon the currency. adds a 0.5% cost if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic invest notice through the app, if you pick to install it.
The money is drawn from your current account a few days later on.
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 reveals , 4.33 scheduled to leave my HSBC account a couple of days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (frequently in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less stress over lacking cash and the additional step. That does not suggest it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make earnings from our Necessary Plan 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 complimentary quantity on all our strategies, full information can be found on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on transactions.
Every time you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Is Card Free Via Currensea