A new fintech business which I was presented to previously this year. When Do You Use Your Currensea Card Reddit…
It has won a few awards over current months for what it does (providing you an inexpensive method to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is taken from your current account– simply without the typical 3% fee.
Oh, and is totally free to obtain, which likewise assists.
There are also some interesting travel advantages if you choose a paid strategy, but the totally free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competition
add more and more functions which your existing consumers do not actually desire or require
include restrictions, costs or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Revolut, curve and monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? When Do You Use Your Currensea Card Reddit
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX charges are few and far in between. The only ‘points and miles’ choices which provide 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 credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire an item 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 cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really simple 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 immediately verifies 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. includes a 0.5% cost if you have the free card. There are no costs if you have among their paid cards.
You get an automatic invest notice via the app, if you choose to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to occur (often in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend cash you have in your existing current account with less fret about lacking money and the extra action. However that does not imply it is best.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, enabling us to make income from our Necessary Plan whilst staying much cheaper 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 plans, complete details can be discovered on our rates plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on deals.
Whenever you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. When Do You Use Your Currensea Card Reddit