A brand-new fintech company which I was introduced to earlier this year. Currensea Card Cashback…
It has won a few awards over recent months for what it does (providing you an inexpensive way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your existing account– simply without the usual 3% charge.
Oh, and is totally free to look for, which also helps.
There are likewise some intriguing travel benefits if you select a paid strategy, but the complimentary plan 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 for free or more affordable than the competitors
include a growing number of functions which your existing customers don’t really require or want
add constraints, charges or fees to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already 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? Currensea Card Cashback
It is a free direct debit card to utilize abroad and which automatically charges 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 costs, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide benefits and charge 0% FX fees are rare. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a minimal FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said previously, a really 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 immediately validates that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automated invest alert through the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any 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 scheduled to leave my HSBC account a couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (typically in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards promises big cost savings (85%) and an excellent app.
However I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing current account with less worry about running out of money and the additional action. That does not indicate it is perfect.
In this Currensea review is the great, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, allowing us to make revenue from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, full details can be discovered on our rates strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.
Whenever you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Cashback