A new fintech company which I was introduced to previously this year. Post Office Travel Card Vs Currensea…
It has actually won a few awards over recent months for what it does (providing you a low-cost way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
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 invest as you would on a normal debit card and the money is drawn from your current account– just without the normal 3% fee.
Oh, and is free to apply for, which also assists.
There are also some interesting travel advantages if you choose a paid strategy, but the totally free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or cheaper than the competition
include more and more functions which your existing clients do not truly require or want
add charges, fees or restrictions to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, monzo and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Post Office Travel Card Vs Currensea
It is a complimentary 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.
That’s it.
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 costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, credit cards which offer rewards and charge 0% FX fees are rare. The only ‘points and miles’ alternatives which offer a partial solution 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 costs and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated earlier, a really simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically validates that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the free card. There are no costs if you have one of their paid cards.
You get an automatic invest notice through the app, if you select to install it.
The cash is drawn from your bank account a few days later.
Here is an example. With no 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 reveals �,� 4.33 set up to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (frequently in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Thankfully over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other great cards promises big savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less worry about running out of money and the additional action. But that does not imply it is perfect.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make revenue from our Vital 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 quantity on all our plans, complete information can be found on our prices strategies.
Membership fees.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee likewise gets rid of all FX markup on transactions.
Interchange.
Every time you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Post Office Travel Card Vs Currensea