A brand-new fintech business which I was introduced to previously this year. Currensea Card Cost And Advan…
It has won a couple of awards over current months for what it does (offering you a low-cost method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a typical debit card and the money is taken from your current account– simply without the usual 3% cost.
Oh, and is totally free to make an application for, which likewise assists.
There are likewise some interesting travel advantages if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or less expensive than the competition
include increasingly more features which your existing clients don’t really require or want
include charges, costs or restrictions to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Monzo, curve and revolut are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Cost And Advan
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (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 charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which offer benefits and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly 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 specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated earlier, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank instantly verifies that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automated invest notification through the app, if you select 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 sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (often in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less stress over running out of cash and the additional action. That does not suggest it is ideal.
In this Currensea review is the excellent, 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 Necessary Strategy of 0.5% per transaction, enabling us to make earnings from our Vital 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 information can be found on our prices plans.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also removes all FX markup on transactions.
Whenever you spend with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Cost And Advan