A brand-new fintech company which I was presented to previously this year. Currensea Card Uae…
It has won a couple of awards over recent months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, efficiently, 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 merely invest as you would on a regular debit card and the cash is taken from your bank account– simply without the normal 3% charge.
Oh, and is totally free to obtain, which also assists.
There are also some interesting travel benefits if you select a paid strategy, however the totally free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
add a growing number of functions which your existing customers don’t really need or desire
add fees, charges or restrictions to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Uae
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which use rewards and charge 0% FX fees are scarce. The only ‘points and miles’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, 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, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately verifies that you have enough money 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% cost if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic spend alert through the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and buy 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 few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (typically in a various language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Luckily recently a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards promises huge cost savings (85%) and a great app.
But I think the best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can spend cash you have in your existing bank account with less fret about lacking cash and the additional step. That does not mean it is best.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, allowing us to make revenue from our Essential Strategy whilst remaining 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 strategies, complete information can be discovered on our prices strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on deals.
Every time you invest with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Uae