A new fintech company which I was presented to earlier this year. Currensea Card Payment Limit…
It has won a couple of awards over recent months for what it does (providing you a low-cost method to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is taken from your bank account– just without the normal 3% cost.
Oh, and is free to look for, which likewise helps.
There are likewise some fascinating travel advantages if you pick a paid plan, however the totally free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or more affordable than the competition
include a growing number of functions which your existing clients don’t truly desire or need
add charges, costs or restrictions to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Stage 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 Payment Limit
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
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 charge card offering 0% foreign exchange charges, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said previously, a very simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately confirms that you have sufficient money 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 free card, includes a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automatic spend alert by means of the app, if you select to install it.
The money is taken from your current account a few days later.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (frequently in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards promises huge 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 savings account.
What this suggests is you can invest money you have in your existing bank account with less stress over running out of cash and the additional action. But that does not imply it is perfect.
In this Currensea evaluation is the excellent, 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 Vital Plan of 0.5% per transaction, allowing us to make earnings 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 usage over the totally free amount on all our strategies, 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 membership fee also removes all FX markup on deals.
Each time you spend with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Payment Limit