A brand-new fintech company which I was presented to previously this year. Is Currensea A Good Card…
It has actually won a few awards over recent months for what it does (providing you an inexpensive way to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely spend as you would on a normal debit card and the money is taken from your existing account– just without the normal 3% charge.
Oh, and is free to obtain, which likewise assists.
There are also some interesting travel benefits if you pick a paid plan, however the free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
include more and more functions which your existing consumers don’t truly want or require
include restrictions, costs or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea A Good Card
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) earn 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% foreign exchange charges, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX charges are couple of and far between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely simple 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 bank account bank automatically validates 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 upon the currency. adds a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automated invest notification by means of the app, if you pick to install it.
The cash is taken from your current account a couple of days later.
Here is an example. Without any 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 few days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (typically in a different language) while not telling you about the inflated currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big savings (85%) and a fantastic app.
However I believe the best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can spend cash you have in your existing current account with less stress over lacking cash and the additional action. But that does not indicate it is ideal.
In this Currensea review 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 transaction, allowing us to make income from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, complete information can be found on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on deals.
Each time you invest with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Is Currensea A Good Card