A new fintech company which I was presented to previously this year. Using A Currensea Card Abroad…
It has won a few awards over current months for what it does (offering you a low-priced way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your current account– just without the typical 3% cost.
Oh, and is totally free to request, which also assists.
There are likewise some interesting travel advantages if you select a paid plan, but the totally free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
include a growing number of features which your existing consumers do not really need or want
add charges, restrictions or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Using A Currensea Card Abroad
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn 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 costs, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires 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 said earlier, a really basic process. 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 bank account bank immediately validates that you have enough money 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% cost if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automated invest notice through the app, if you pick to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose 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:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (typically in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards assures big savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less fret about lacking cash and the extra step. However that does not suggest it is best.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make earnings from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, full details can be found on our rates strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge also removes all FX markup on deals.
Each time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Using A Currensea Card Abroad