A brand-new fintech business which I was presented to earlier this year. Is Currensea Card Accepted At 3 Mobile…
It has won a few awards over recent months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, successfully, 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 merely spend as you would on a typical debit card and the money is taken from your current account– just without the normal 3% fee.
Oh, and is totally free to request, which likewise helps.
There are likewise some interesting travel advantages if you choose a paid plan, however the totally free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or less expensive than the competition
include a growing number of functions which your existing consumers do not truly require or want
include charges, costs or restrictions to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Stage 3 …
is easy 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 Currensea Card Accepted At 3 Mobile
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly validates that you have sufficient 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 complimentary card, adds a 0.5% charge. There are no fees if you have one of their paid cards.
You get an automated invest notice through the app, if you choose to install it.
The money is taken 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 shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (often in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards assures big cost savings (85%) and a fantastic 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 spend cash you have in your existing bank account with less worry about running out of cash and the extra action. That does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make earnings from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, complete details can be discovered on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also eliminates all FX markup on transactions.
Each time you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Is Currensea Card Accepted At 3 Mobile