A brand-new fintech company which I was presented to earlier this year. What Is A Currensea Card Used For…
It has won a couple of awards over current months for what it does (using you an inexpensive 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 simply spend as you would on a typical debit card and the cash is taken from your present account– just without the typical 3% charge.
Oh, and is totally free to request, which likewise helps.
There are also some interesting travel advantages if you select a paid strategy, but the free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
include more and more functions which your existing consumers don’t truly require or desire
include fees, charges or restrictions to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? What Is A Currensea Card Used For
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are few and far in 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 want to affect your credit report by getting another charge card specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, a really 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, internationally).
Your current account bank immediately validates that you have enough 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. adds a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated spend notification by means of the app, if you select to install it.
The cash is taken from your current account a few days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (typically in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Thankfully recently a handful of fantastic travel debit cards have popped onto the scene … and like other great cards assures huge savings (85%) and a great app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend cash you have in your existing current account with less fret about lacking cash and the additional action. But that does not suggest it is perfect.
In this Currensea evaluation is the great, 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 Plan of 0.5% per deal, permitting us to make earnings from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be found on our pricing plans.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge likewise removes all FX markup on deals.
Whenever you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. What Is A Currensea Card Used For