A new fintech business which I was introduced to earlier this year. How To Pay From My Currensea Card…
It has actually won a few awards over current months for what it does (offering you an affordable way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your current account– just without the usual 3% charge.
Oh, and is totally free to obtain, which also assists.
There are also some fascinating travel benefits if you pick a paid plan, however the complimentary plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add more and more functions which your existing customers do not really require or desire
add charges, limitations or costs to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Monzo, revolut and curve are already in Stage 3 …
is simple 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 Pay From My Currensea Card
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX costs are few and far in between. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps 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 charge card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated earlier, an extremely easy 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 current account bank automatically confirms that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. There are no fees if you have one of their paid cards.
You get an automated spend alert through the app, if you pick to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any 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 shows , 4.33 set up to leave my HSBC account a few days later on:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (often in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend money you have in your existing current account with less fret about running out of money and the extra action. But that does not indicate it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make earnings from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be discovered on our rates strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also removes all FX markup on deals.
Every time you spend with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. How To Pay From My Currensea Card