A new fintech company which I was introduced to previously this year. How To Block Currensea Card…
It has won a couple of awards over current months for what it does (offering you a low-cost way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, 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 simply spend as you would on a typical debit card and the cash is drawn from your bank account– simply without the normal 3% fee.
Oh, and is free to obtain, which likewise helps.
There are likewise some fascinating travel advantages if you select a paid plan, but the free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competitors
add a growing number of features which your existing customers do not really want or need
add fees, restrictions or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How To Block Currensea Card
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use rewards and charge 0% FX fees are scarce. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges 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 desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a really simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank automatically verifies that you have adequate 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 totally free card, adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated spend notice through the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (frequently in a different language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and an excellent app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less worry about lacking cash and the extra action. However that does not mean it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make earnings from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be discovered on our pricing plans.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also gets rid of all FX markup on transactions.
Whenever you invest with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. How To Block Currensea Card