A new fintech company which I was introduced to earlier this year. What Is A Currensea Card Used For…
It has actually won a few awards over recent months for what it does (using you an inexpensive method to invest abroad) however what I like about is that it is simple 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 nothing to top-up or prepay. You merely spend as you would on a normal debit card and the money is drawn from your bank account– simply without the normal 3% fee.
Oh, and is totally free to look for, which also helps.
There are also some intriguing travel benefits if you choose a paid plan, but the complimentary plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or more affordable than the competition
include increasingly more functions which your existing clients do not actually require or want
include charges, constraints or fees to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Monzo, revolut and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? What Is A Currensea Card Used For
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which provide benefits and charge 0% FX fees are rare. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a very little FX mark-up (there is a small cost beyond , 500).
you want a product 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 cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very 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 automatically verifies 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. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest notification via the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (often in a various language) while not telling you about the inflated currency conversion charges happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees huge cost savings (85%) and an excellent app.
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 money you have in your existing current account with less worry about lacking cash and the additional action. That does not mean it is perfect.
In this Currensea evaluation is the great, 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 Vital Strategy of 0.5% per transaction, allowing us to make earnings from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full details can be found on our rates strategies.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on deals.
Each time you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be credited you. What Is A Currensea Card Used For