A new fintech business which I was presented to earlier this year. Do I Have To Pay Monthly For The Currensea Card…
It has actually won a couple of awards over current months for what it does (providing you an affordable way to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% fee.
Oh, and is free to request, which also helps.
There are also some interesting travel benefits if you pick a paid strategy, however the totally free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competitors
add more and more functions which your existing clients do not actually desire or require
add charges, constraints or charges to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure 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 club in 30 seconds?’ test:
What countries can I use Currensea? Do I Have To Pay Monthly For The Currensea Card
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (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 fees, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically validates that you have adequate money 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 free card, adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated spend notice via the app, if you pick to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash 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:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (typically in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea promises huge cost savings (85%) and a great app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing current account with less stress over lacking cash and the extra action. However that does not suggest it is best.
In this Currensea evaluation is the good, 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 Essential Plan of 0.5% per deal, permitting us to make profits from our Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be found on our pricing plans.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise removes all FX markup on deals.
Whenever you invest with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Do I Have To Pay Monthly For The Currensea Card