A new fintech company which I was presented to earlier this year. Is Currensea Travel Card Safe…
It has actually won a couple of 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 basic as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the cash is drawn from your current account– simply without the normal 3% fee.
Oh, and is totally free to obtain, which also assists.
There are likewise some intriguing travel advantages if you pick a paid plan, but the complimentary 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 something well, and for free or cheaper than the competitors
include increasingly more features which your existing consumers don’t really want or need
include costs, restrictions or charges to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Revolut, curve and monzo are already in Phase 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 Travel Card Safe
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current 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% forex charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX fees are few and far in between. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps 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 particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, a really basic 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 validates that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest notification through 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 diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (frequently in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Fortunately over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards guarantees huge cost savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less stress over running out of money and the additional step. However that does not suggest it is best.
In this Currensea review is the good, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, enabling us to make earnings from our Vital Plan 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 plans, full information can be found on our prices plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Is Currensea Travel Card Safe