A brand-new fintech business which I was introduced to earlier this year. Currensea Card Reviews Uk…
It has won a couple of awards over recent months for what it does (using you an affordable method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your existing account– just without the usual 3% fee.
Oh, and is free to request, which likewise assists.
There are likewise some fascinating travel benefits if you pick a paid plan, however the complimentary plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
add a growing number of features which your existing clients do not truly want or need
add restrictions, fees or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Reviews Uk
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 little 0.5% cost.
You don’t (yet …) make any airline company 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 do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you want an item 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 taking a trip.
How does operate in practice?
It is, as I said previously, a very easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly validates that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automatic spend notification through the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, 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 scheduled to leave my HSBC account a couple of days later:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (typically in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Thankfully over the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards assures big savings (85%) and a great app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less worry about lacking cash and the additional action. That does not indicate it is best.
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 nominal FX markup on our Essential Plan of 0.5% per transaction, allowing us to make revenue from our Important Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, full details can be found on our pricing strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also removes all FX markup on deals.
Every time you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Reviews Uk