A new fintech business which I was presented to previously this year. Is Currensea Card Good…
It has won a few awards over current months for what it does (offering you a low-priced method to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply invest as you would on a regular debit card and the money is taken from your current account– just without the normal 3% fee.
Oh, and is free to request, which likewise helps.
There are also some fascinating travel benefits if you select a paid strategy, but the complimentary strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or less expensive than the competition
add increasingly more functions which your existing consumers don’t actually desire or need
add charges, restrictions or costs to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo 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? Is Currensea Card Good
It is a complimentary 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 charge card offering 0% foreign exchange costs, then you do not 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 couple of and far between. The only ‘miles and points’ alternatives which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated earlier, a very easy process. You utilize 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 adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automated invest notice via the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (often in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Luckily in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards promises big cost savings (85%) and an excellent app.
But I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this indicates is you can spend money you have in your existing bank account with less worry about running out of money and the extra action. But that does not imply it is perfect.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, permitting us to make profits from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete details can be discovered on our pricing strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on deals.
Each time you invest with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Is Currensea Card Good