A new fintech business which I was introduced to previously this year. Card Authorisation Request Currensea…
It has won a few awards over recent months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% cost.
Oh, and is complimentary to obtain, which likewise helps.
There are likewise some interesting travel benefits if you select a paid strategy, however the complimentary plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
include increasingly more functions which your existing consumers don’t truly desire or need
add charges, charges or limitations to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Card Authorisation Request Currensea
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which use rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ options which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which allows 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 small charge beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated earlier, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank instantly confirms that you have enough 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. adds a 0.5% charge if you have the free card. There are no fees if you have one of their paid cards.
You get an automated spend alert by means of the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, 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 set up to leave my HSBC account a couple of days later:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (typically in a various language) while not telling you about the exorbitant currency conversion fees 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 terrific travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less fret about lacking cash and the additional step. But that does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make profits from our Essential Strategy 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 complimentary quantity on all our strategies, complete details can be found on our pricing plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on transactions.
Each time you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Card Authorisation Request Currensea