A new fintech company which I was introduced to previously this year. Currensea Order New Card…
It has actually won a few awards over recent months for what it does (using you an affordable method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, 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 just spend as you would on a typical debit card and the money is drawn from your bank account– simply without the typical 3% fee.
Oh, and is free to apply for, which also helps.
There are likewise some fascinating travel benefits if you pick a paid plan, however the totally free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competition
include a growing number of features which your existing clients do not truly require or want
include charges, limitations or fees to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Order New Card
It is a free direct debit card to utilize abroad and which immediately charges 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 using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which offer rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically confirms that you have adequate cash in your account and authorises the transaction.
The deal 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% fee. There are no fees if you have one of their paid cards.
You get an automatic invest notice by means of the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to splash 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:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (often in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Fortunately in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards guarantees huge cost savings (85%) and a great app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less stress over running out of money and the extra action. However that does not indicate it is best.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, enabling us to make revenue from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be found on our prices plans.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also removes all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Order New Card