A brand-new fintech company which I was presented to earlier this year. How Do I Get A Rainbow Currensea Card…
It has won a couple of awards over recent months for what it does (offering you a low-priced way to spend abroad) however what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your current account– just without the normal 3% fee.
Oh, and is free to look for, which also assists.
There are also some interesting travel advantages if you select a paid plan, however the complimentary strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or cheaper than the competitors
include a growing number of features which your existing consumers don’t really want or require
include charges, charges or constraints to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How Do I Get A Rainbow Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
You don’t (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 charges, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX fees are rare. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not want 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 each month without any charges and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated previously, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank immediately confirms 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 on the currency. includes a 0.5% fee if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automatic invest alert by means of the app, if you pick 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 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 set up to leave my HSBC account a few days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (often in a various language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Luckily recently a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards guarantees big savings (85%) and a great app.
But I think the best bit might be what no other card does: connects to your existing high street checking account.
What this indicates is you can invest cash you have in your existing current account with less stress over lacking money and the extra step. That does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make income from our Important Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, complete details can be found on our prices plans.
Subscription charges.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.
Interchange.
Whenever you invest with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. How Do I Get A Rainbow Currensea Card