A brand-new fintech company which I was introduced to earlier this year. What Are The Charges On A Currensea Card…
It has won a couple of awards over current months for what it does (offering you an affordable method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You just invest as you would on a normal debit card and the money is taken from your present account– just without the typical 3% charge.
Oh, and is complimentary to apply for, which also assists.
There are also some intriguing travel advantages if you select a paid plan, however the complimentary plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or more affordable than the competition
include increasingly more functions which your existing customers do not truly require or want
add limitations, costs or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are already in Stage 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? What Are The Charges On A Currensea Card
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which permits 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 fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said previously, an extremely easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank immediately verifies that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated invest notice via the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, 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 set up to leave my HSBC account a few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (often in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees huge cost savings (85%) and a fantastic app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing bank account with less stress over lacking money and the additional step. That does not indicate it is best.
In this Currensea evaluation 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 Strategy of 0.5% per deal, enabling us to make revenue from our Important Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full information can be found on our pricing strategies.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge also removes all FX markup on transactions.
Each time you spend with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. What Are The Charges On A Currensea Card