A brand-new fintech company which I was introduced to earlier this year. How To Get A Currensea Card…
It has actually won a couple of awards over current months for what it does (offering you an inexpensive way to invest 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. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the cash is drawn from your bank account– just without the typical 3% charge.
Oh, and is complimentary to look for, which also assists.
There are likewise some fascinating travel benefits if you select a paid plan, but the free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include increasingly more features which your existing consumers do not actually require or desire
add constraints, fees or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Monzo, curve and revolut are already in Stage 3 …
is easy 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? How To 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 small 0.5% cost.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives which offer a partial solution 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 costs and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, a really basic process. You utilize 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 instantly 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 upon the currency. includes a 0.5% fee if you have the totally free card. There are no fees if you have one of their paid cards.
You get an automatic spend notification by means of the app, if you select 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 journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (often in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily in recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a fantastic app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend cash you have in your existing current account with less stress over lacking money and the additional step. That does not imply it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, allowing us to make revenue from our Necessary Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, complete information can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on transactions.
Whenever you spend 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 To Get A Currensea Card