A new fintech company which I was introduced to earlier this year. Currensea Card Sign Up…
It has actually won a few awards over recent months for what it does (offering you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a normal debit card and the cash is taken from your bank account– just without the usual 3% fee.
Oh, and is free to get, which also assists.
There are likewise some intriguing travel benefits if you pick a paid plan, however the free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competition
include more and more functions which your existing clients don’t really need or desire
include fees, limitations or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Sign Up
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX costs are scarce. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said previously, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank immediately confirms that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic spend alert through the app, if you pick to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (frequently in a different language) while not telling you about the expensive currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards assures huge savings (85%) and a terrific 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 cash you have in your existing bank account with less fret about running out of cash and the extra step. But that does not indicate it is best.
In this Currensea review is the good, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make profits from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, full information can be found on our prices strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge also gets rid of all FX markup on transactions.
Whenever you invest with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Sign Up