A new fintech business which I was introduced to earlier this year. Currensea Card Apply…
It has won a few awards over current months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, efficiently, 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% charge.
Oh, and is complimentary to get, which likewise assists.
There are likewise some interesting travel advantages if you pick a paid plan, however the free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competitors
include a growing number of functions which your existing clients don’t truly need or want
add charges, limitations or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are already in Phase 3 …
is basic 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? Currensea Card Apply
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline 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 free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are few and far in between. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, a very 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, globally).
Your current account bank instantly validates that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the totally free card. There are no fees if you have among their paid cards.
You get an automated spend notice through the app, if you choose to install it.
The money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and buy 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 couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to occur (typically in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards promises big savings (85%) and a great app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less worry about lacking cash and the extra step. That does not mean it is ideal.
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 nominal FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make profits from our Important Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, complete details can be found on our prices strategies.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also removes all FX markup on deals.
Whenever you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Apply