A new fintech business which I was presented to earlier this year. Is Currensea Visa Considered A Credit Card…
It has won a couple of awards over current months for what it does (providing 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. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the money is drawn from your current account– simply without the usual 3% cost.
Oh, and is totally free to apply for, which likewise helps.
There are likewise some intriguing travel benefits if you choose a paid strategy, however the complimentary strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
include more and more functions which your existing customers do not really want or need
add constraints, charges or charges to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are already in Stage 3 …
is easy 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 Visa Considered A Credit Card
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% charge.
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 charges, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
However, credit cards which provide rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which enables 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 desire an item for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a very basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately verifies that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated spend alert via the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I chose 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:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (frequently in a different language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises big savings (85%) and a terrific app.
However I think the best bit might be what no other card does: connects to your existing high street checking account.
What this suggests is you can invest cash you have in your existing current account with less fret about running out of money and the extra action. But that does not suggest it is ideal.
In this Currensea review 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 small FX markup on our Essential Plan of 0.5% per deal, enabling us to make revenue from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, complete information can be discovered on our rates strategies.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise removes all FX markup on deals.
Whenever you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Is Currensea Visa Considered A Credit Card