A brand-new fintech business which I was presented to previously this year. Get A Currensea Card…
It has actually won a few awards over recent months for what it does (offering you a low-cost way to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a normal debit card and the money is drawn from your bank account– just without the usual 3% fee.
Oh, and is complimentary to apply for, which likewise helps.
There are also some intriguing travel benefits if you choose a paid strategy, 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 competition
add increasingly more features which your existing consumers do not truly desire or need
include restrictions, costs or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Monzo, curve and revolut 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? Get A Currensea Card
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a very easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically confirms that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automated invest alert by means of the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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 converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (frequently in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Fortunately over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards guarantees huge cost savings (85%) and a fantastic app.
However I believe the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less worry about lacking money and the additional step. However that does not indicate it is best.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make profits from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, full information can be discovered on our prices plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost also removes all FX markup on transactions.
Each time you spend with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Get A Currensea Card