A new fintech company which I was presented to earlier this year. Currensea Card Mastercard Or Visa…
It has won a few awards over current months for what it does (offering you a low-priced method to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is taken from your bank account– just without the usual 3% fee.
Oh, and is free to obtain, which also assists.
There are also some interesting travel advantages if you pick a paid strategy, but the free strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or less expensive than the competition
include more and more functions which your existing clients don’t actually require or want
include charges, constraints or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Mastercard Or Visa
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide benefits and charge 0% FX charges are rare. The only ‘points and miles’ alternatives which provide a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult children, moms and dads, 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 operate in practice?
It is, as I said earlier, a really basic procedure. You use 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 automatically confirms 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 on the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automated invest notice via the app, if you select to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any 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 shows , 4.33 set up to leave my HSBC account a few days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (often in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards assures big cost savings (85%) and a fantastic app.
But I believe the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can invest money you have in your existing bank account with less fret about running out of money and the extra action. However that does not imply it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make profits from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, complete information can be discovered on our pricing strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also removes all FX markup on transactions.
Every time you invest with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Mastercard Or Visa