A new fintech business which I was presented to earlier this year. How Do I Order A Spare Currensea Card…
It has actually won a couple of awards over recent months for what it does (providing you a low-priced method to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. You simply invest as you would on a normal debit card and the cash is taken from your current account– just without the normal 3% fee.
Oh, and is free to obtain, which likewise helps.
There are also some intriguing travel advantages if you select a paid plan, however the free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include more and more functions which your existing consumers don’t really want or need
include charges, charges or restrictions to the function that made individuals get your product 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 Stage 3 …
is simple 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 Order A Spare Currensea Card
It is a complimentary direct debit card to utilize abroad and which automatically 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 using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide rewards and charge 0% FX charges are rare. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not wish 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 each month with no costs and only a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, a very basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately validates that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic spend notification via the app, if you pick to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 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 couple of days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (frequently in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Fortunately recently a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a terrific app.
However I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less stress over lacking cash and the extra action. However that does not indicate it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make earnings from our Vital Plan whilst staying more affordable 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 information can be found on our pricing strategies.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on deals.
Each time you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. How Do I Order A Spare Currensea Card