A brand-new fintech business which I was presented to earlier this year. Currensea Card Contactless Limit…
It has actually won a couple of 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 idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the cash is drawn from your current account– simply without the normal 3% charge.
Oh, and is totally free to request, which also assists.
There are likewise some interesting travel benefits if you pick a paid plan, however the complimentary strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or less expensive than the competitors
add increasingly more functions which your existing consumers do not actually require or want
add charges, costs or limitations to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Monzo, curve and revolut are already in Stage 3 …
is basic 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 Contactless Limit
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX charges are couple of and far between. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a small cost 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 money when taking a trip.
How does operate in practice?
It is, as I said earlier, a really simple 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 immediately confirms that you have sufficient money 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% cost if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated invest notification via the app, if you pick to install it.
The cash is taken from your current account a couple of days later.
Here is an example. With no 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 scheduled to leave my HSBC account a few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (frequently in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures huge cost savings (85%) and a great app.
But I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less fret about running out of cash and the additional step. That does not suggest it is best.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, enabling us to make income from our Important 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 totally free quantity on all our plans, complete information can be found on our pricing strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on deals.
Each time you spend with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Contactless Limit