A new fintech company which I was presented to earlier this year. Currensea Card Samsung Pay…
It has actually won a couple of awards over recent months for what it does (using you a low-cost way 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 current account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your current account– just without the typical 3% charge.
Oh, and is free to make an application for, which also assists.
There are also some intriguing travel benefits if you pick a paid plan, however the totally free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or more affordable than the competition
include a growing number of functions which your existing clients do not actually need or want
include costs, charges or constraints to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Samsung Pay
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company 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 don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, an extremely 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, worldwide).
Your current account bank immediately verifies that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic spend notification by means of the app, if you select to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (often in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully in recent years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards assures huge savings (85%) and a fantastic app.
I think the finest bit may 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 fret about running out of cash and the additional action. That does not mean it is best.
In this Currensea evaluation 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 nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make profits from our Essential Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise 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 membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost also gets rid of all FX markup on deals.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Samsung Pay