A brand-new fintech company which I was introduced to earlier this year. Currensea Card Helpline…
It has actually won a few awards over recent months for what it does (providing you a low-cost way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your current account– just without the typical 3% fee.
Oh, and is totally free to make an application for, which also assists.
There are also some fascinating travel benefits if you choose a paid plan, however the complimentary plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competitors
include increasingly more functions which your existing clients don’t truly want or need
add constraints, costs or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic 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 Helpline
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use rewards and charge 0% FX charges are scarce. The only ‘points and miles’ alternatives which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire an item 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 little fee beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, a really easy 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 validates that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the free card. There are no charges if you have among their paid cards.
You get an automatic 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 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 set up to leave my HSBC account a few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (frequently in a different language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Luckily in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards assures big savings (85%) and a terrific 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 fret about lacking cash and the extra action. However that does not indicate it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make income from our Essential Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our plans, complete details can be found on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on deals.
Each time you invest with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Helpline