A brand-new fintech business which I was presented to previously this year. Currensea Card Free…
It has actually won a couple of awards over recent months for what it does (offering you a low-cost method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely spend as you would on a normal debit card and the cash is taken from your current account– simply without the normal 3% charge.
Oh, and is totally free to look for, which likewise helps.
There are likewise some fascinating travel advantages if you choose a paid strategy, however the totally free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or cheaper than the competition
include a growing number of functions which your existing clients do not really desire or require
add costs, charges or restrictions to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Monzo, revolut and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Free
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
You do not (yet …) make any airline 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 need a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives 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 do not have a credit card offering 0% FX fees and do not wish 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 per month without any fees and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, an extremely simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically verifies that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automated spend notice through the app, if you pick to install it.
The cash is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to take place (frequently in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea promises huge savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can invest cash you have in your existing bank account with less stress over running out of money and the extra step. That does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, allowing us to make earnings from our Important Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete details can be found on our pricing strategies.
Subscription fees.
We charge an annual subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.
Interchange.
Whenever you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Free