A brand-new fintech company which I was introduced to previously this year. Currensea Card Features…
It has actually won a couple of awards over recent months for what it does (providing you a low-priced method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, 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 merely spend as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% fee.
Oh, and is complimentary to get, which likewise helps.
There are likewise some intriguing travel benefits if you choose a paid strategy, but the totally free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or cheaper than the competition
include increasingly more features which your existing clients do not really need or want
add charges, charges or constraints to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Revolut, curve and monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Features
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) make 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 costs, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX costs 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 impact your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
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 local currency (any currency, internationally).
Your bank account bank immediately verifies that you have adequate cash in your account and authorises the deal.
The transaction 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. There are no charges if you have one of their paid cards.
You get an automated spend alert through the app, if you select to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 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:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (frequently in a different language) while not telling you about the inflated currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge savings (85%) and a fantastic app.
I believe the finest bit may 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 current account with less fret about running out of cash and the extra action. But that does not imply it is ideal.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, enabling us to make profits from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, complete information can be found on our rates plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also removes all FX markup on deals.
Each time you invest with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Features