A new fintech company which I was introduced to earlier this year. Currensea Card Uk Customer Service…
It has actually won a couple of awards over recent months for what it does (offering you a low-priced method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply invest as you would on a typical debit card and the money is taken from your current account– just without the usual 3% cost.
Oh, and is totally free to get, which also helps.
There are also some fascinating travel benefits if you pick a paid plan, but the complimentary plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or less expensive than the competition
include a growing number of functions which your existing customers don’t truly require or want
include charges, charges or limitations to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Curve, monzo and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Uk Customer Service
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which provide benefits and charge 0% FX charges are scarce. The only ‘points and miles’ options 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 want to affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely easy process. 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 validates that you have sufficient 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. If you have the totally free card, adds a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automated spend notice via 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 journal, I decided 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 couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (frequently in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Luckily in recent years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge savings (85%) and an excellent app.
I think the best bit might 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 fret about running out of cash and the extra action. That does not imply it is best.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, allowing us to make revenue from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on transactions.
Each time you spend with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Uk Customer Service