A brand-new fintech company which I was presented to previously this year. Get A Currensea Card For Free…
It has won a few awards over recent months for what it does (offering you an affordable method to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, 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 merely invest as you would on a typical debit card and the money is taken from your current account– just without the typical 3% charge.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some intriguing travel benefits if you choose a paid strategy, however the totally free plan 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 free of charge or more affordable than the competition
include increasingly more functions which your existing clients don’t actually require or desire
include charges, restrictions or fees to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Get A Currensea Card For Free
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 don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which allows 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 fee beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a really basic 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 automatically verifies that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated invest alert by means of the app, if you pick to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, 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:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (often in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Thankfully in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge cost savings (85%) and a terrific app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing bank account with less fret about lacking cash and the additional step. That does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, allowing us to make revenue from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our plans, complete information can be discovered on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost likewise removes all FX markup on transactions.
Whenever you spend 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. Get A Currensea Card For Free