A new fintech company which I was introduced to earlier this year. Is The Currensea Card Free…
It has actually won a few awards over current months for what it does (offering you a low-cost way to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You simply invest as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% charge.
Oh, and is free to request, which likewise assists.
There are likewise some interesting travel benefits if you choose a paid strategy, but the totally free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competition
include a growing number of functions which your existing consumers do not really need or desire
include limitations, charges or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Is The Currensea Card Free
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline company 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 do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs a basic, 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 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, internationally).
Your current account bank immediately validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic invest notice via the app, if you choose to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a few days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (frequently in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Thankfully recently a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards guarantees huge 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 bank account.
What this suggests is you can spend cash you have in your existing current account with less worry about running out of cash and the additional step. That does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, enabling us to make revenue from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full details 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 charge likewise eliminates all FX markup on deals.
Every time you spend with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Is The Currensea Card Free