A new fintech company which I was introduced to previously this year. Foreign Currency Card Currensea…
It has actually won a few awards over recent months for what it does (providing you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% fee.
Oh, and is totally free to look for, which likewise helps.
There are likewise some intriguing travel advantages if you select a paid plan, however the totally free plan works fine. You can apply here.
There is a company 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 a growing number of features which your existing consumers do not truly need or want
add charges, restrictions or fees to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Foreign Currency Card Currensea
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want 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 checking out now.
Credit cards which provide benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit 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 very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, an extremely 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, globally).
Your current account bank automatically confirms that you have enough cash 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 totally free card, adds a 0.5% cost. There are no charges if you have among their paid cards.
You get an automated spend notification through the app, if you pick to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and buy 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 few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (often in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards Currensea promises huge savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing current account with less worry about running out of money and the extra step. However that does not mean it is ideal.
In this Currensea review is the great, the bad, the awful and the alternatives, 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 deal, enabling us to make income from our Important Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full information can be discovered on our prices strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also gets rid of all FX markup on deals.
Every time you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Foreign Currency Card Currensea