A new fintech business which I was introduced to earlier this year. Currensea Card Not Supported…
It has actually won a couple of awards over recent months for what it does (offering you an affordable way to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a typical debit card and the cash is drawn from your current account– just without the normal 3% fee.
Oh, and is free to get, which likewise assists.
There are also some interesting travel benefits if you choose a paid plan, however the free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
add a growing number of functions which your existing consumers don’t really need or want
include constraints, charges or fees to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 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 describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Not Supported
It is a free 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 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 fees, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated earlier, an extremely 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 bank account bank immediately verifies that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% cost. There are no charges if you have among their paid cards.
You get an automatic invest notice through 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 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 arranged to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to happen (often in a various language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big cost savings (85%) and a terrific app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less fret about lacking money and the extra step. However that does not mean it is best.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make revenue from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, complete details can be discovered on our rates strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also gets rid of all FX markup on deals.
Whenever you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Not Supported