A brand-new fintech business which I was introduced to earlier this year. Should I Give My Son Currensea Card To Someone Else…
It has actually won a few 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 basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely spend as you would on a typical debit card and the money is taken from your current account– just without the usual 3% fee.
Oh, and is complimentary to make an application for, which likewise helps.
There are also some interesting travel advantages if you choose a paid strategy, but the free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
add more and more features which your existing clients don’t actually desire or require
add charges, constraints or costs to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Should I Give My Son Currensea Card To Someone Else
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide rewards and charge 0% FX costs are rare. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated earlier, 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, internationally).
Your bank account bank immediately confirms that you have adequate money 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% fee if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automated spend alert via the app, if you pick to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (often in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards assures big savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less worry about running out of cash and the extra action. That does not suggest it is perfect.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make earnings from our Essential Plan 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 totally free amount on all our plans, complete details can be found on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on deals.
Every time you invest with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Should I Give My Son Currensea Card To Someone Else