A new fintech business which I was presented to earlier this year. What Is A Currensea Card…
It has won a few awards over recent months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your present account– simply without the typical 3% charge.
Oh, and is free to get, which also assists.
There are also some fascinating travel advantages if you choose a paid strategy, however the free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add increasingly more functions which your existing clients do not truly want or need
add constraints, charges or fees to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, curve and monzo are currently 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
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank 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 want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ options which offer a partial service 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 credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs 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 previously, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank immediately validates that you have sufficient 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 complimentary card, includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated invest notice by means of the app, if you select to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 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:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (typically in a various language) while not telling you about the expensive currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards promises huge cost savings (85%) and an excellent app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less stress over running out of cash and the extra action. However that does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, enabling us to make profits from our Necessary Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, full details can be found on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.
Whenever you spend with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. What Is A Currensea Card