A brand-new fintech business which I was presented to earlier this year. How To Order Currensea Card…
It has won a couple of awards over current months for what it does (offering you a low-priced way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You simply spend as you would on a normal debit card and the cash is taken from your present account– just without the usual 3% fee.
Oh, and is totally free to apply for, which also helps.
There are also some fascinating travel advantages if you choose a paid strategy, but the totally free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or cheaper than the competition
include increasingly more functions which your existing customers do not actually want or need
include costs, restrictions or charges to the function 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, monzo 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? How To Order Currensea Card
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said previously, an extremely basic 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 verifies that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic invest notice via the app, if you select 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 diary, I decided to sprinkle 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:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (often in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Thankfully in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards promises big cost savings (85%) and an excellent app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less stress over lacking cash and the additional action. That does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, enabling us to make income from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, full information can be discovered on our rates plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on deals.
Every time you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. How To Order Currensea Card