A new fintech company which I was presented to earlier this year. Currensea Euro Card…
It has won a couple of awards over recent months for what it does (offering you an affordable way 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. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is taken from your current account– just without the typical 3% fee.
Oh, and is free to make an application for, which also helps.
There are also some fascinating travel benefits if you pick a paid plan, but the totally free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or more affordable than the competitors
include increasingly more features which your existing customers don’t really want or require
add limitations, charges or charges to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Euro Card
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline company 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 require a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, credit cards which use rewards and charge 0% FX costs are scarce. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a really simple process. You use 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 money in your account and authorises the transaction.
The deal 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% charge. If you have one of their paid cards, there are no charges.
You get an automated invest notice by means of the app, if you select to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (often in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards guarantees huge cost savings (85%) and an excellent app.
However I think the best bit might be what no other card does: connects to your existing high street checking account.
What this suggests is you can spend 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 evaluation is the great, 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 transaction, enabling us to make earnings from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, full information can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also gets rid of all FX markup on deals.
Each time you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Euro Card