A brand-new fintech company which I was introduced to earlier this year. Why Use Currensea Card…
It has actually won a few awards over recent months for what it does (providing you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, 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 simply spend as you would on a regular debit card and the money is taken from your bank account– just without the normal 3% fee.
Oh, and is complimentary to make an application for, which likewise assists.
There are likewise some fascinating travel benefits if you select a paid strategy, but 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 for free or more affordable than the competitors
include increasingly more features which your existing clients do not actually require or want
add fees, restrictions or charges to the function 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 hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is easy 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? Why Use Currensea Card
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX fees are few and far between. 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 perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank immediately verifies that you have sufficient money in your account and authorises the deal.
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. If you have one of their paid cards, there are no charges.
You get an automatic spend notification through the app, if you select to install it.
The money is taken from your current account a few 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 reveals , 4.33 scheduled to leave my HSBC account a couple of days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (often in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Fortunately recently a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards assures huge savings (85%) and a terrific app.
But I think the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can spend money you have in your existing current account with less stress over lacking money and the additional step. However that does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the awful 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 Plan of 0.5% per transaction, enabling us to make profits from our Important Plan whilst remaining 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, complete details can be discovered on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on deals.
Each 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. Why Use Currensea Card