A brand-new fintech company which I was presented to earlier this year. Prepaid Travel Card Currensea…
It has actually won a few awards over recent months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a normal debit card and the money is taken from your bank account– simply without the typical 3% fee.
Oh, and is complimentary to make an application for, which also assists.
There are likewise some intriguing travel advantages if you select a paid strategy, however the free plan works fine. You can use here.
There is a company model 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 competition
add more and more functions which your existing consumers don’t truly desire or need
add charges, constraints or costs to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Monzo, curve 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? Prepaid Travel Card Currensea
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 little 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX costs are rare. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a very simple process. You utilize 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 instantly verifies 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 upon the currency. includes a 0.5% cost if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated spend notice through the app, if you choose to install it.
The cash is drawn 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 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 few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (typically in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises huge savings (85%) and a great app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less worry about lacking cash and the extra step. However 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.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make income from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be discovered on our rates strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on deals.
Each time you spend with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Prepaid Travel Card Currensea