A new fintech business which I was introduced to previously this year. Currensea Junior Card…
It has won a couple of awards over recent months for what it does (offering you an affordable method to spend abroad) but 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 nothing to top-up or prepay. You merely spend as you would on a normal debit card and the cash is drawn from your current account– just without the normal 3% fee.
Oh, and is free to obtain, which also assists.
There are also some fascinating travel benefits if you choose a paid plan, but the free strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
add increasingly more functions which your existing customers don’t truly desire or need
add charges, limitations or fees to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is basic 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 Junior Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you desire totally 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’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very basic procedure. 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 current account bank instantly validates that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the free card. There are no fees if you have one of their paid cards.
You get an automated spend notification through the app, if you choose to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I chose 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:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (often in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea assures huge savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less fret about lacking money and the additional step. However that does not indicate it is perfect.
In this Currensea evaluation is the excellent, the bad, the ugly 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 Strategy of 0.5% per transaction, allowing us to make profits from our Necessary Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our prices strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also gets rid of all FX markup on deals.
Each time you spend with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Currensea Junior Card