A new fintech company which I was introduced to previously this year. Currensea Us Card…
It has won a couple of awards over recent months for what it does (using you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, 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 just invest as you would on a typical debit card and the money is drawn from your current account– just without the typical 3% fee.
Oh, and is free to look for, which likewise assists.
There are likewise some fascinating travel advantages if you pick a paid plan, but 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 totally free or cheaper than the competition
include a growing number of functions which your existing consumers don’t truly need or want
add charges, limitations or fees to the feature that made individuals 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 remain there. Monzo, revolut and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Us Card
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make 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 do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX charges are couple of and far between. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want a product which allows 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 an item for you, your adult kids, parents, partner or anybody else in your life who needs 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 earlier, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank instantly validates that you have enough money in your account and authorises the deal.
The deal 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% fee. If you have one of their paid cards, there are no costs.
You get an automatic spend alert by means of the app, if you select to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, 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 set up to leave my HSBC account a few days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (typically in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and a terrific app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less worry about running out of cash and the extra step. But that does not suggest it is best.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make income 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 free amount on all our strategies, full details can be discovered on our pricing plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee likewise gets rid of all FX markup on transactions.
Whenever you spend with your card we get a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Us Card