A brand-new fintech company which I was introduced to previously this year. Add Card To Currensea…
It has actually won a few awards over recent months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
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 normal debit card and the money is taken from your current account– just without the typical 3% cost.
Oh, and is complimentary to get, which likewise assists.
There are likewise some fascinating travel benefits if you choose a paid plan, but the complimentary plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add a growing number of functions which your existing customers don’t really desire or require
add charges, limitations or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Curve, Revolut and Monzo are already 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? Add Card To Currensea
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% cost.
That’s it.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, an extremely easy procedure. 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 instantly confirms that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic spend notification through the app, if you choose to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 arranged to leave my HSBC account a few days later:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Luckily over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards promises big savings (85%) and a great app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less worry about lacking money and the extra step. That does not suggest it is perfect.
In this Currensea review is the good, the bad, the ugly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, permitting us to make revenue from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete information can be found on our prices plans.
Membership fees.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost also removes all FX markup on transactions.
Interchange.
Whenever you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Add Card To Currensea