A brand-new fintech business which I was introduced to earlier this year. Currensea Card Fees Ireland…
It has actually won a couple of awards over current months for what it does (providing you an affordable way to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, 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 invest as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% fee.
Oh, and is free to make an application for, which also helps.
There are also some fascinating travel advantages if you choose a paid strategy, but the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or more affordable than the competition
add more and more features which your existing customers do not truly require or want
add limitations, charges or charges 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 procedure and will hopefully stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Fees Ireland
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which offer 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 credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said earlier, a very simple procedure. You utilize 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 confirms that you have enough 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 free card, adds a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automatic invest notice via the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 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 couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (frequently in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing current account with less fret about lacking money and the extra action. However that does not mean it is best.
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 nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make income from our Essential Plan 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 amount on all our plans, complete details can be found on our pricing strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee also eliminates all FX markup on transactions.
Each time you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Fees Ireland