A brand-new fintech business which I was introduced to earlier this year. Currensea Card Prepaid…
It has won a couple of awards over recent months for what it does (using you a low-cost method to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply invest as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% fee.
Oh, and is complimentary to make an application for, which likewise assists.
There are likewise some fascinating travel advantages if you pick a paid plan, but the totally free plan 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 something well, and for free or less expensive than the competitors
add increasingly more features which your existing customers do not truly need or desire
add charges, charges or constraints to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Prepaid
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% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use benefits and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, a very basic procedure. You use 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 automatically validates 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 free card, adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated spend notice by means of the app, if you select to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 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 on:.
Transforming pounds was expensive.
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 outrageous currency conversion costs taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees big savings (85%) and an excellent app.
However I think 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 worry about lacking cash and the extra step. However that does not suggest it is ideal.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make income from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete information can be found on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on deals.
Each time you invest with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Prepaid