A new fintech business which I was presented to earlier this year. Currensea Debit Card Uk…
It has won a couple of awards over current months for what it does (offering you an inexpensive way to invest abroad) however what I like about is that it is simple 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 simply spend as you would on a normal debit card and the money is drawn from your current account– simply without the usual 3% charge.
Oh, and is free to request, which also assists.
There are also some intriguing travel benefits if you pick a paid plan, but the complimentary plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have actually 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 consumers don’t truly need or desire
add fees, restrictions 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 procedure and will ideally stay there. Monzo, curve and revolut are already in Stage 3 …
is simple 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 Debit Card Uk
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
However, credit cards which offer benefits and charge 0% FX fees are scarce. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a small fee beyond , 500).
you desire 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 travelling.
How does work in practice?
It is, as I stated earlier, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank instantly verifies 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 on the currency. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic invest notification via the app, if you select to install it.
The cash is taken from your current account a few days later.
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 arranged to leave my HSBC account a couple of days later on:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (often in a different language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees big cost savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less fret about lacking cash and the extra action. That does not imply it is ideal.
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 nominal FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make earnings from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, full information can be discovered on our prices plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on deals.
Each 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 credited you. Currensea Debit Card Uk