A brand-new fintech company which I was introduced to earlier this year. Card Blocat Currensea…
It has won a couple of awards over current months for what it does (using you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You merely spend as you would on a normal debit card and the cash is taken from your existing account– simply without the usual 3% cost.
Oh, and is complimentary to obtain, which also helps.
There are likewise some intriguing travel advantages if you pick a paid plan, however the totally free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competitors
add more and more features which your existing clients do not actually want or require
include charges, limitations or costs to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Card Blocat Currensea
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are few and far in between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated previously, 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 bank account bank instantly verifies 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. includes a 0.5% charge if you have the free card. If you have one of their paid cards, there are no fees.
You get an automatic spend alert via the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
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 couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (often in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other great cards assures big cost savings (85%) and an excellent app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this indicates is you can invest cash you have in your existing current account with less stress over running out of money and the additional action. However that does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, permitting us to make income from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full information can be discovered on our pricing plans.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise gets rid of all FX markup on transactions.
Every time you spend with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Card Blocat Currensea