A new fintech company which I was presented to previously this year. What Type Of Card Is Currensea…
It has actually won a few awards over recent months for what it does (providing you an affordable way to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% charge.
Oh, and is totally free to apply for, which likewise helps.
There are also some interesting travel benefits if you select a paid strategy, however the free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or less expensive than the competitors
add more and more features which your existing customers don’t really want or require
include charges, restrictions or charges to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? What Type Of Card Is Currensea
It is a 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.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated earlier, a very easy process. You use 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 money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated spend alert via the app, if you select to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 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:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and a terrific app.
But I believe the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can invest money you have in your existing current account with less worry about lacking money and the additional step. However that does not indicate it is perfect.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make revenue from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, complete details can be discovered on our rates strategies.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on deals.
Every time you invest with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. What Type Of Card Is Currensea