A new fintech company which I was presented to previously this year. Currensea Currency Card Reviews…
It has won a couple of awards over recent months for what it does (offering you a low-cost way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a typical debit card and the money is taken from your bank account– simply without the normal 3% cost.
Oh, and is free to apply for, which also helps.
There are likewise some fascinating travel benefits if you select a paid strategy, however the totally free strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or cheaper than the competitors
include increasingly more features which your existing customers do not truly require or desire
include fees, constraints or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are currently in Stage 3 …
is basic 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 Currency Card Reviews
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing current 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 want to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product 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 previously, a very easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank instantly 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 on the currency. adds a 0.5% fee if you have the free card. There are no fees if you have among their paid cards.
You get an automated invest alert by means of the app, if you choose to install it.
The money is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (frequently in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily recently a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big savings (85%) and a fantastic app.
However I believe the very best bit might be what no other card does: links to your existing high street savings account.
What this means is you can invest cash you have in your existing current account with less worry about lacking cash and the extra step. That does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, permitting us to make revenue from our Necessary Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, complete details can be found on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also gets rid of all FX markup on transactions.
Whenever you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Currency Card Reviews