A brand-new fintech company which I was introduced to previously this year. Where Accepts Currensea Card…
It has won a couple of awards over current months for what it does (providing you a low-cost way to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. You just invest as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% cost.
Oh, and is totally free to obtain, which likewise helps.
There are likewise some intriguing travel advantages if you choose a paid plan, however the free strategy works fine. You can use here.
There is a service 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
include increasingly more functions which your existing consumers don’t actually require or desire
include limitations, charges or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Stage 3 …
is easy 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? Where Accepts Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer benefits and charge 0% FX charges are scarce. The only ‘points and miles’ alternatives which use a partial solution 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 impact your credit report by getting another charge card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, a really 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, worldwide).
Your bank account bank instantly confirms 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 totally free card, adds a 0.5% fee. There are no fees if you have among their paid cards.
You get an automated spend notice through the app, if you select to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and buy 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 few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Thankfully in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards assures huge savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this implies is you can invest cash you have in your existing current account with less stress over lacking money and the additional step. However that does not mean it is ideal.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, enabling us to make income from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, complete details can be found on our pricing strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Where Accepts Currensea Card