A new fintech company which I was introduced to previously this year. What Do I Use A Currensea Card For…
It has actually won a few awards over current months for what it does (using you a low-priced method to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely spend as you would on a normal debit card and the money is taken from your current account– just without the normal 3% fee.
Oh, and is complimentary to make an application for, which likewise assists.
There are likewise some fascinating travel advantages if you pick a paid plan, but the totally free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competition
add a growing number of functions which your existing consumers do not truly require or want
include charges, constraints or costs to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is basic 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? What Do I Use A Currensea Card For
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
You don’t (yet …) make 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% forex fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX costs are few and far in between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a really simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank immediately verifies that you have adequate 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 free card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic invest alert by means of the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 set up to leave my HSBC account a few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (often in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards assures big cost savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: links to your existing high street savings 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 extra step. But that does not indicate it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, permitting us to make earnings from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete details can be discovered on our prices strategies.
Subscription charges.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription fee likewise gets rid of all FX markup on deals.
Interchange.
Whenever you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. What Do I Use A Currensea Card For