A new fintech company which I was introduced to previously this year. Currensea Using Card Abroad…
It has actually won a couple of awards over current months for what it does (offering you an inexpensive way to spend abroad) but 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 in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is taken from your current account– just without the normal 3% fee.
Oh, and is free to get, which also assists.
There are also some intriguing travel advantages if you choose 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 and so on have actually all followed:
launch by doing one thing well, and for free or cheaper than the competitors
include more and more functions which your existing clients do not truly require or want
include charges, restrictions or fees to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, revolut and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Using Card Abroad
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn 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% foreign exchange fees, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, charge card which provide benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which use a partial solution 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 wish to affect your credit report by getting another charge card specifically to use abroad
you want a product which permits 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 a product for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said earlier, an extremely easy 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 current account bank immediately verifies that you have adequate money 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 free card, includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated spend notice via the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and purchase 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 couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (often in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and an excellent app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can spend money you have in your existing current account with less worry about running out of money and the extra action. However that does not indicate it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make income from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, complete information can be discovered on our rates plans.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on deals.
Each time you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Using Card Abroad