A brand-new fintech company which I was presented to earlier this year. Prepaid Credit Card Currensea…
It has won a couple of awards over recent months for what it does (offering you a low-cost way to invest abroad) but what I like about is that it is basic 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 bank account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is drawn from your current account– simply without the usual 3% fee.
Oh, and is complimentary to obtain, which also assists.
There are also some interesting travel benefits if you select a paid strategy, however the free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competition
include more and more features which your existing customers do not truly need or desire
add limitations, costs or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are currently 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? Prepaid Credit Card Currensea
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a minimal FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a very 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, globally).
Your current account bank instantly validates that you have enough 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. If you have the totally free card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated invest notification through the app, if you pick to install it.
The money is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and a fantastic app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this indicates is you can invest money you have in your existing bank account with less worry about lacking cash and the extra action. That does not indicate it is ideal.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, permitting us to make earnings from our Necessary 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 totally free quantity on all our plans, full details can be found on our pricing plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise removes all FX markup on deals.
Every time you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Prepaid Credit Card Currensea