A brand-new fintech business which I was introduced to earlier this year. Free Card Currensea…
It has won a couple of awards over current months for what it does (using you a low-priced method to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply invest as you would on a normal debit card and the money is taken from your current account– simply without the normal 3% charge.
Oh, and is totally free to get, which also helps.
There are also some intriguing travel advantages if you select a paid plan, but the free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or more affordable than the competition
include a growing number of functions which your existing clients do not actually require or want
add charges, restrictions or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Curve, Revolut and Monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Free Card Currensea
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are couple of and far between. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said earlier, a very basic process. 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 current account bank instantly confirms that you have adequate 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 invest notification via the app, if you select to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (typically in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Luckily in recent years a handful of great travel debit cards have popped onto the scene … and like other great cards promises huge savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can spend money you have in your existing current account with less stress over running out of money and the extra step. But that does not suggest it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make profits from our Necessary 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 complimentary amount on all our plans, complete details can be discovered on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on deals.
Whenever you invest with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Free Card Currensea