A new fintech business which I was introduced to earlier this year. Is Currensea Card Cashback…
It has actually won a couple of awards over current months for what it does (offering you a low-priced way to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a typical debit card and the cash is taken from your bank account– simply without the normal 3% fee.
Oh, and is complimentary to apply for, which also assists.
There are also some fascinating travel benefits if you pick a paid plan, however the free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or cheaper than the competition
include a growing number of functions which your existing clients do not actually desire or require
include charges, constraints or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Card Cashback
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
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 charge card offering 0% foreign exchange costs, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
However, charge card which offer rewards and charge 0% FX costs are rare. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires an easy, 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, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically confirms 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. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automatic spend notification through the app, if you select to install it.
The cash is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (typically in a various language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Luckily over the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards assures huge cost savings (85%) and a fantastic app.
But I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less fret about running out of money and the extra action. That does not indicate it is best.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can choose.
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 Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full information can be discovered on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on deals.
Whenever you invest with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Is Currensea Card Cashback