A brand-new fintech business which I was introduced to previously this year. Currensea Cash Card…
It has won a few awards over recent months for what it does (using you a low-priced method to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. You merely spend as you would on a normal debit card and the money is taken from your existing account– just without the usual 3% fee.
Oh, and is free to look for, which likewise assists.
There are likewise some interesting travel benefits if you select a paid plan, however the complimentary strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
include a growing number of functions which your existing consumers don’t really require or want
include charges, limitations or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Curve, monzo and revolut are currently in Phase 3 …
is easy 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 Cash Card
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, a really 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, worldwide).
Your bank account bank automatically verifies that you have adequate 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. includes a 0.5% cost if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated spend notice via the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (often in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards assures big cost savings (85%) and a great app.
However I think the best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can invest cash you have in your existing bank account with less worry about lacking cash and the additional step. However that does not indicate it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make earnings from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, full information can be found on our prices strategies.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise removes all FX markup on deals.
Every time you invest with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Cash Card