A new fintech company which I was introduced to earlier this year. Currensea Card Abroad Fees…
It has actually won a few awards over current months for what it does (offering you a low-priced method to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
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 just spend as you would on a regular debit card and the cash is taken from your bank account– simply without the normal 3% charge.
Oh, and is free to look for, which likewise assists.
There are also some fascinating travel benefits if you select a paid plan, but the free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competitors
add increasingly more functions which your existing consumers do not really desire or require
include charges, charges or constraints to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Curve, Revolut and Monzo are already in Phase 3 …
is simple 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? Currensea Card Abroad Fees
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide rewards and charge 0% FX costs are scarce. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank automatically validates that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the complimentary card. There are no costs if you have one of their paid cards.
You get an automatic spend notice via the app, if you select to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle 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 few days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (typically in a different language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and a terrific app.
However I think the best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can spend money you have in your existing bank account with less stress over running out of cash and the extra action. But that does not suggest it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, enabling us to make earnings from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, full information can be discovered on our pricing plans.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on transactions.
Whenever you invest with your card we get a little % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Abroad Fees