A brand-new fintech business which I was introduced to earlier this year. Is A Currensea Card A Visa…
It has won a few awards over current months for what it does (offering you a low-cost way 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. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is drawn from your bank account– just without the usual 3% charge.
Oh, and is totally free to request, which likewise assists.
There are also some intriguing travel advantages if you choose a paid strategy, but the totally free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
include more and more functions which your existing clients do not really want or require
add costs, charges or constraints to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, Revolut and Monzo are already in Phase 3 …
is simple 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? Is A Currensea Card A Visa
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated earlier, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately confirms that you have enough 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. adds a 0.5% cost if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automatic spend notification by means of the app, if you choose 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 journal, I decided to splash out and buy 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (often in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises huge cost savings (85%) and a fantastic app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less stress over lacking cash and the extra action. That does not imply it is perfect.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, permitting us to make income from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, full details can be discovered on our rates strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on deals.
Each time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Is A Currensea Card A Visa