A new fintech company which I was introduced to previously this year. Currensea Card Delivery Uk…
It has actually won a couple of awards over current months for what it does (providing you a low-cost way to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% charge.
Oh, and is complimentary to request, which likewise assists.
There are also some fascinating travel benefits if you pick a paid strategy, but the complimentary plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or more affordable than the competitors
include more and more features which your existing customers do not truly need or want
include charges, fees or restrictions to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is basic 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 Delivery Uk
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (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 fees, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use rewards and charge 0% FX costs are scarce. The only ‘points and miles’ choices which provide 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 fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely 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, globally).
Your current 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 on the currency. includes a 0.5% cost if you have the free card. If you have one of their paid cards, there are no fees.
You get an automated invest notice via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 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 few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (frequently in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises huge cost savings (85%) and a great app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash you have in your existing current account with less fret about lacking money and the extra action. That does not mean it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, enabling us to make earnings from our Necessary Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, full details can be discovered on our rates plans.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also removes all FX markup on deals.
Whenever you invest with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Delivery Uk