A brand-new fintech company which I was introduced to previously this year. Currensea Card Rewards…
It has actually won a couple of awards over recent months for what it does (providing you an inexpensive method to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your existing account– simply without the typical 3% charge.
Oh, and is totally free to obtain, which also helps.
There are also some intriguing travel advantages if you pick a paid plan, but the complimentary strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
include more and more features which your existing clients do not truly want or need
add charges, fees or constraints to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, curve and monzo are currently in Phase 3 …
is simple 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 Rewards
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (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 costs, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank automatically 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 upon the currency. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated spend notice through the app, if you select to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (often in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of great travel debit cards have popped onto the scene … and like other excellent cards assures big cost savings (85%) and a great app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing current account with less stress over lacking money and the extra action. However that does not suggest it is ideal.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make profits from our Necessary Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, full details can be found on our rates plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on deals.
Whenever you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Rewards