A brand-new fintech company which I was introduced to previously this year. Is Currensea Card A Prepaid Card…
It has actually won a few awards over current months for what it does (offering you an inexpensive way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You merely invest as you would on a regular debit card and the cash is taken from your existing account– simply without the normal 3% charge.
Oh, and is complimentary to make an application for, which also assists.
There are also some interesting travel advantages if you select a paid strategy, but the complimentary plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or less expensive than the competition
add a growing number of features which your existing clients do not really need or want
include costs, constraints or charges 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 hopefully remain there. Monzo, revolut and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Card A Prepaid Card
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (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 fees, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a minimal FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very 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, internationally).
Your current account bank immediately verifies that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automatic spend notification 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 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 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 daylight burglary that is just about to occur (typically in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully over the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards guarantees big savings (85%) and a terrific app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less fret about running out of money and the extra step. But that does not imply it is ideal.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, permitting us to make revenue from our Necessary Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, complete details can be discovered on our prices strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also eliminates all FX markup on deals.
Whenever you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Is Currensea Card A Prepaid Card