A new fintech business which I was introduced to previously this year. Currensea Prepaid Travel Card…
It has won a couple of awards over recent months for what it does (using 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, successfully, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your existing account– simply without the usual 3% cost.
Oh, and is free to request, which also helps.
There are likewise some fascinating travel advantages if you select a paid strategy, however the totally free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or cheaper than the competitors
include more and more features which your existing customers do not truly require or want
include fees, restrictions or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Prepaid Travel Card
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
However, credit cards which offer rewards and charge 0% FX charges are scarce. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a very little FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated earlier, a really simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank immediately validates that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic spend notification 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 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 few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (frequently in a various language) while not telling you about the exorbitant currency conversion fees occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge cost savings (85%) and a terrific app.
However I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can spend money you have in your existing current account with less fret about running out of cash and the extra action. But that does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, allowing us to make revenue from our Important Strategy 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 totally free quantity on all our plans, full details can be discovered on our prices strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise gets rid of all FX markup on transactions.
Whenever you invest with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Prepaid Travel Card