A brand-new fintech company which I was presented to earlier this year. Is Currensea The Best Currency Card…
It has won a few awards over current months for what it does (using you an affordable method to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a normal debit card and the money is drawn from your current account– just without the usual 3% charge.
Oh, and is free to look for, which likewise assists.
There are also some fascinating travel benefits if you choose a paid plan, however the free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or more affordable than the competitors
add increasingly more features which your existing clients do not actually require or want
add charges, constraints or charges to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Revolut, curve and monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea The Best Currency Card
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
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 credit card offering 0% foreign exchange fees, then you do not need a card, unless you want complimentary 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 ‘points and miles’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank immediately verifies that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% charge. There are no costs if you have among their paid cards.
You get an automatic spend alert via the app, if you select to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any 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 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 daylight burglary that is practically to happen (typically in a various language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea assures huge savings (85%) and a terrific app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing bank account with less stress over lacking money and the additional action. That does not mean it is perfect.
In this Currensea evaluation is the good, the bad, the awful 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 Plan of 0.5% per deal, permitting us to make revenue from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be found on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also eliminates all FX markup on transactions.
Whenever you spend with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Is Currensea The Best Currency Card