A brand-new fintech company which I was presented to earlier this year. Currensea Card Overseas…
It has won a few awards over recent months for what it does (using you a low-priced method to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, successfully, 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 just spend as you would on a regular debit card and the cash is taken from your bank account– simply without the usual 3% cost.
Oh, and is complimentary to obtain, which likewise assists.
There are likewise some interesting travel benefits if you choose a paid strategy, but the complimentary plan works fine. You can apply here.
There is a service 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 competitors
include more and more functions which your existing consumers don’t actually need or desire
include charges, fees or limitations to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Phase 3 …
is easy 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 Overseas
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
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 charge card offering 0% foreign exchange costs, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and just a minimal 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 needs a simple, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said earlier, a very simple procedure. 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 immediately verifies that you have enough money in your account and authorises the deal.
The transaction 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 charges.
You get an automated invest notification through the app, if you pick to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any 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 shows , 4.33 arranged to leave my HSBC account a few 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 take place (often in a various language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea assures big savings (85%) and an excellent app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less stress over lacking cash and the additional step. That does not indicate it is ideal.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, enabling us to make revenue from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be discovered on our prices plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise removes all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Overseas