A brand-new fintech company which I was introduced to previously this year. Is Currensea Card Any Good…
It has won a few awards over recent months for what it does (offering you a low-cost method to invest abroad) but what I like about is that it is basic 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 current account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a typical debit card and the money is taken from your current account– just without the typical 3% cost.
Oh, and is complimentary to request, which likewise helps.
There are also some intriguing travel advantages if you choose a paid plan, but the complimentary plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competitors
include a growing number of functions which your existing clients do not actually desire or require
add fees, charges or constraints to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are currently in Phase 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 Any Good
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% cost.
That’s it.
You don’t (yet …) make 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 fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said previously, an extremely basic process. 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 bank account bank automatically validates 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 upon the currency. includes a 0.5% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic invest alert by means of the app, if you select to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 set up to leave my HSBC account a couple of days later:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (typically in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees big savings (85%) and an excellent app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less stress over lacking money and the additional step. However that does not mean it is ideal.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, complete details can be found on our prices plans.
Subscription fees.
We charge a yearly subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on deals.
Interchange.
Every time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Is Currensea Card Any Good