A new fintech business which I was presented to earlier this year. What Is Currensea Card Good For…
It has won a few awards over recent months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely invest 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 free to look for, which also helps.
There are likewise some interesting travel benefits if you choose a paid strategy, but the totally free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or cheaper than the competition
add more and more features which your existing consumers do not actually need or desire
include limitations, costs or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? What Is Currensea Card Good For
It is a totally free direct debit card to utilize abroad and which immediately 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 wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide rewards and charge 0% FX costs are scarce. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want 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 said earlier, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately verifies that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic invest notice through the app, if you choose to install it.
The cash is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose 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 couple of days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (frequently in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees big savings (85%) and a terrific app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less stress over running out of money and the additional action. That does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, permitting us to make income from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be discovered on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise removes all FX markup on deals.
Every time you spend with your card we get a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. What Is Currensea Card Good For