A new fintech company which I was introduced to earlier this year. Currensea Uk Card…
It has won a few awards over current months for what it does (using you a low-priced method to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a regular debit card and the cash is taken from your bank account– simply without the typical 3% charge.
Oh, and is free to request, which likewise helps.
There are likewise some interesting travel benefits if you choose a paid strategy, but the free strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or cheaper than the competitors
add a growing number of functions which your existing consumers do not actually desire or need
include costs, restrictions or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is basic 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 Uk Card
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ options 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 charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only 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 conserve them money when travelling.
How does work in practice?
It is, as I said previously, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank instantly validates that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated spend notification through the app, if you select to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (often in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge savings (85%) and a great app.
However I think the best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can spend cash you have in your existing bank account with less stress over lacking money and the extra action. But that does not imply it is best.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, enabling us to make income from our Important 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 complimentary quantity on all our plans, full information can be found on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise removes all FX markup on deals.
Every time you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Uk Card