A brand-new fintech business which I was introduced to previously this year. Currensea Can T Add Card…
It has won a few awards over current months for what it does (providing you an affordable way to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, 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 merely invest as you would on a normal debit card and the cash is drawn from your bank account– just without the normal 3% fee.
Oh, and is totally free to obtain, which also assists.
There are also some fascinating travel benefits if you choose a paid strategy, but the free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or less expensive than the competition
include more and more features which your existing clients don’t actually need or desire
add limitations, charges or fees to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, Revolut and Monzo are currently in Phase 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? Currensea Can T Add Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, charge card which offer rewards and charge 0% FX costs are rare. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a minimal FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated earlier, a very basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank automatically confirms 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 upon the currency. If you have the free card, adds a 0.5% fee. There are no costs if you have among their paid cards.
You get an automated invest alert by means of the app, if you choose to install it.
The money 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 purchase 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:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (often in a different language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures huge cost savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less worry about lacking cash and the additional action. But that does not mean it is ideal.
In this Currensea review is the good, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make income from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, complete details can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on deals.
Each time you spend with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Can T Add Card