A new fintech business which I was introduced to earlier this year. Currensea Card Limit Per Day…
It has actually won a few awards over recent months for what it does (offering you a low-priced way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the money is taken from your current account– just without the usual 3% fee.
Oh, and is totally free to obtain, which likewise assists.
There are also some intriguing travel benefits if you select 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 all followed:
launch by doing something well, and totally free or cheaper than the competition
add more and more functions which your existing customers do not really want or need
include charges, limitations or fees to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are already 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 Limit Per Day
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn 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 require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX costs are couple of and far between. The only ‘points and miles’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a really basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly validates that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% cost. There are no fees if you have one of their paid cards.
You get an automated invest alert by means of the app, if you select to install it.
The money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 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 on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (typically in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately over the last few years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge cost savings (85%) and a great app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less worry about running out of cash and the extra action. That does not suggest it is ideal.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make revenue from our Vital Strategy 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 quantity on all our strategies, complete information can be discovered on our rates plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise removes all FX markup on transactions.
Every time you spend with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Limit Per Day