A new fintech company which I was introduced to earlier this year. Is Getting A Currensea Card Free…
It has won a couple of awards over recent months for what it does (using you an inexpensive method to invest abroad) but 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 between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is drawn from your current account– simply without the usual 3% fee.
Oh, and is complimentary to get, which also helps.
There are also some intriguing travel benefits if you select a paid strategy, however the complimentary plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competition
add more and more functions which your existing consumers don’t really desire or need
add charges, fees or restrictions to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently in Phase 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 Getting A Currensea Card Free
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn 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 costs, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX charges are couple of and far between. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said previously, a really basic procedure. You use 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 instantly validates 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 totally free card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest alert through the app, if you select to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, 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 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (often in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures huge cost savings (85%) and a fantastic app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less fret about lacking money and the additional action. However that does not imply it is ideal.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make earnings from our Important Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be found on our pricing plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Whenever you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Is Getting A Currensea Card Free