A brand-new fintech company which I was presented to earlier this year. Currensea Card Balance…
It has won a couple of awards over recent months for what it does (providing you a low-cost method to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is drawn from your bank account– simply without the typical 3% fee.
Oh, and is totally free to obtain, which also assists.
There are also some fascinating travel benefits if you select a paid strategy, however the totally free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
add a growing number of functions which your existing customers 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 currently still in Stage 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Balance
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
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 credit card offering 0% foreign exchange fees, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are few and far in between. The only ‘points and miles’ alternatives which provide a partial service 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 costs and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire an item 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 save them money when taking a trip.
How does work in practice?
It is, as I said previously, a very simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank immediately validates that you have adequate money in your account and authorises the deal.
The deal 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 among their paid cards.
You get an automated spend alert via the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (typically in a various language) while not telling you about the exorbitant currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards Currensea assures big savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: connects to your existing high street checking account.
What this indicates is you can invest money you have in your existing current account with less worry about lacking money and the extra step. That does not indicate it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make earnings from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, full details can be found on our pricing strategies.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on deals.
Every time you spend with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Balance