A new fintech company which I was introduced to earlier this year. Does The Currensea Card Have Credit Card Protection…
It has actually won a couple of awards over recent months for what it does (providing you a low-cost way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You simply invest as you would on a regular debit card and the money is taken from your current account– just without the normal 3% cost.
Oh, and is totally free to obtain, which likewise helps.
There are likewise some intriguing travel advantages if you pick a paid plan, but the free strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competitors
include more and more features which your existing clients do not really require or desire
include costs, limitations or charges to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Does The Currensea Card Have Credit Card Protection
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 small 0.5% charge.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs 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 specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, a really simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly validates that you have sufficient cash 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 complimentary card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest notice via the app, if you choose to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 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 couple of days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (frequently in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have popped onto the scene … and like other terrific cards Currensea promises huge savings (85%) and a terrific app.
But I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can spend cash you have in your existing current account with less stress over running out of cash and the additional step. However that does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the options, 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 transaction, allowing us to make income from our Vital Plan 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 quantity on all our strategies, complete information can be found on our prices plans.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on transactions.
Every time you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Does The Currensea Card Have Credit Card Protection