A brand-new fintech company which I was presented to previously this year. Is Currensea Card A Prepaid Card…
It has won a few awards over recent months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your current account– simply without the normal 3% fee.
Oh, and is complimentary to obtain, which also assists.
There are likewise some interesting travel advantages if you choose a paid strategy, however the free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include increasingly more features which your existing clients don’t actually need or desire
add charges, costs or constraints to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Card A Prepaid Card
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which provide rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not wish 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 each month with no costs and only a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a really easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank immediately validates that you have sufficient 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. If you have the free card, includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated spend alert through the app, if you select to install it.
The money is taken from your bank 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 reveals , 4.33 arranged to leave my HSBC account a couple of days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a different language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees huge cost savings (85%) and an excellent app.
But I think the best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can invest cash you have in your existing bank account with less stress over lacking cash and the additional action. That does not suggest it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, permitting us to make earnings from our Important Strategy whilst staying 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 details can be discovered on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise gets rid of all FX markup on deals.
Whenever you spend with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Is Currensea Card A Prepaid Card