A new fintech company which I was introduced to earlier this year. What Is A Currensea Card And How Does It Work…
It has actually won a few awards over current months for what it does (offering you an affordable way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is taken from your bank account– just without the typical 3% cost.
Oh, and is complimentary to request, which likewise assists.
There are also some interesting travel advantages if you pick a paid plan, however the complimentary strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or cheaper than the competition
include a growing number of features which your existing consumers do not really want or require
include charges, fees or constraints to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Revolut, monzo and curve are already in Phase 3 …
is basic 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? What Is A Currensea Card And How Does It Work
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
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 charge card offering 0% foreign exchange fees, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are couple of and far between. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, moms and dads, 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 operate in practice?
It is, as I stated earlier, a very easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly validates that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic invest notice via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle 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 couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (typically in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Thankfully recently a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards assures huge savings (85%) and a great app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing current account with less stress over running out of cash and the additional action. But that does not suggest it is ideal.
In this Currensea evaluation is the excellent, the bad, the ugly 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, enabling us to make revenue from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be discovered on our prices strategies.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on deals.
Whenever you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. What Is A Currensea Card And How Does It Work