A new fintech business which I was introduced to earlier this year. Card Cost For Currensea…
It has won a few awards over recent months for what it does (offering you a low-cost method to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your current account– just without the normal 3% cost.
Oh, and is complimentary to make an application for, which likewise assists.
There are also some fascinating travel benefits if you choose a paid plan, but the totally free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or more affordable than the competition
include more and more features which your existing consumers don’t truly need or desire
add charges, costs or limitations to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Card Cost For Currensea
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
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 complimentary ATM withdrawals. You can stop reading now.
However, credit cards which provide benefits and charge 0% FX charges are scarce. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a little cost 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 conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, an extremely easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank instantly validates that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automatic invest alert through the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (frequently in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees big savings (85%) and a terrific app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less worry about lacking money and the extra step. However that does not imply it is best.
In this Currensea review is the great, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing 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 complimentary amount on all our plans, full details can be discovered on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise eliminates all FX markup on transactions.
Each time you invest with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Card Cost For Currensea