A new fintech company which I was presented to earlier this year. Is Currensea A Prepaid Card…
It has won a few awards over current months for what it does (using you an affordable way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
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 spend as you would on a normal debit card and the cash is taken from your bank account– just without the typical 3% charge.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some fascinating travel benefits if you select a paid strategy, however the totally free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
include increasingly more features which your existing customers don’t really want or need
add charges, charges or constraints to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea A Prepaid Card
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 do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t 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 allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult kids, moms and dads, 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 work in practice?
It is, as I said earlier, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly confirms that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the totally free card. There are no costs if you have among their paid cards.
You get an automatic spend notice by means of the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (frequently in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Luckily in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a great app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less stress over lacking money and the additional step. That does not suggest it is best.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, enabling us to make income from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, full details can be discovered on our prices plans.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also eliminates all FX markup on transactions.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Is Currensea A Prepaid Card