A new fintech business which I was presented to previously this year. Why Won’t Netflix Accept My Currensea Card…
It has actually won a couple of awards over recent months for what it does (providing you an affordable method to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your present account– simply without the typical 3% cost.
Oh, and is complimentary to apply for, which also assists.
There are likewise some fascinating travel benefits if you select a paid strategy, but the free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
add more and more features which your existing customers do not actually want or need
add restrictions, charges or fees to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is simple 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? Why Won’t Netflix Accept My Currensea Card
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which offer rewards and charge 0% FX charges are rare. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees 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 impact your credit report by getting another credit card specifically to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a minimal 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 needs a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, a really easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically validates 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 on the currency. includes a 0.5% cost if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automatic spend notification via the app, if you choose to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. With no 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 reveals , 4.33 arranged to leave my HSBC account a few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately recently a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards promises big savings (85%) and an excellent app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less worry about lacking cash and the extra step. But that does not imply it is perfect.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make profits from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full details can be found on our rates plans.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on deals.
Whenever you spend with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. Why Won’t Netflix Accept My Currensea Card