A brand-new fintech company which I was introduced to previously this year. Currensea Card Lounge Access…
It has actually won a couple of awards over recent months for what it does (using you an affordable method to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely spend as you would on a regular debit card and the cash is taken from your present account– just without the usual 3% cost.
Oh, and is free to look for, which likewise helps.
There are likewise some interesting travel benefits if you choose a paid plan, but the complimentary strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or more affordable than the competition
include a growing number of functions which your existing clients don’t truly want or require
include restrictions, charges or fees to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Revolut, monzo and curve are currently in Stage 3 …
is basic 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 Lounge Access
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said previously, an extremely basic process. 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 bank account bank instantly verifies that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated invest alert through the app, if you choose to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 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 daytime robbery that is almost to take place (typically in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures 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 savings account.
What this means is you can spend money you have in your existing bank account with less worry about running out of cash and the additional step. That does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, enabling us to make profits from our Essential Plan whilst remaining much cheaper than other prepaid 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 plans.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge also eliminates all FX markup on deals.
Every time you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Lounge Access