A brand-new fintech company which I was introduced to previously this year. Currensea Card Cuba…
It has actually won a few awards over recent months for what it does (using you an inexpensive method to spend abroad) however what I like about is that it is basic 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% fee.
Oh, and is totally free to request, which also assists.
There are also some fascinating travel advantages if you choose a paid strategy, but the free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
include a growing number of features which your existing clients do not actually desire or require
add charges, charges or restrictions to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Curve, monzo and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Cuba
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX fees are scarce. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a very little FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately validates that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. There are no fees if you have among their paid cards.
You get an automated invest notification via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (typically in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea assures big cost savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing current account with less worry about lacking money and the additional step. But that does not imply it is ideal.
In this Currensea evaluation is the excellent, 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 Vital Strategy of 0.5% per transaction, enabling us to make income from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be discovered on our rates plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on deals.
Every time you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Cuba