A new fintech business which I was presented to earlier this year. Is It Currensea Card Available In My Country…
It has actually won a couple of awards over current months for what it does (providing you a low-cost method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. You just invest as you would on a normal debit card and the money is taken from your existing account– just without the typical 3% fee.
Oh, and is totally free to obtain, which also assists.
There are also some fascinating travel advantages if you select a paid plan, however the totally free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or more affordable than the competition
add increasingly more functions which your existing customers do not actually desire or need
include charges, charges or limitations to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally stay 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 pub in 30 seconds?’ test:
What countries can I use Currensea? Is It Currensea Card Available In My Country
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline 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 require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are couple of and far between. The only ‘points and miles’ choices which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a little charge beyond , 500).
you want an item 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 money when travelling.
How does work in practice?
It is, as I stated earlier, a very simple procedure. You utilize 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 instantly verifies that you have sufficient cash 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% cost if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automatic spend notification through the app, if you select to install it.
The cash is drawn 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 buy 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:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (typically in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big savings (85%) and a terrific app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing current account with less worry about running out of cash and the extra action. But that does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, allowing us to make profits from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, full information can be discovered on our prices strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee also eliminates all FX markup on deals.
Each time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Is It Currensea Card Available In My Country