A brand-new fintech company which I was introduced to earlier this year. Ce Este Un Card Currensea…
It has won a few awards over recent months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is basic 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 absolutely nothing to top-up or prepay. You merely spend as you would on a typical debit card and the cash is taken from your bank account– just without the usual 3% cost.
Oh, and is totally free to apply for, which also helps.
There are also some interesting travel advantages if you pick a paid plan, but the free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competition
add a growing number of features which your existing customers don’t actually need or want
add charges, restrictions or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, curve and monzo are currently in Phase 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? Ce Este Un Card Currensea
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline company miles or points for utilizing 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 charges are few and far between. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely easy process. 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 sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no fees.
You get an automated spend notice by means of the app, if you pick to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, 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 few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (often in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Fortunately recently a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less stress over running out of cash and the additional step. That does not mean it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, allowing us to make profits from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, full information can be discovered on our prices plans.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also removes all FX markup on transactions.
Whenever you spend with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Ce Este Un Card Currensea