A brand-new fintech company which I was introduced to earlier this year. Add Card To Currensea…
It has actually won a few awards over current months for what it does (providing you an affordable way to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your present account– simply without the typical 3% charge.
Oh, and is free to get, which also assists.
There are also some interesting travel benefits if you select a paid plan, however the totally free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competition
add increasingly more functions which your existing customers don’t actually desire or need
add costs, charges or restrictions to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Add Card To Currensea
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (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% foreign exchange fees, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ choices 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 do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use 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 small cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, a really simple process. You utilize 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 verifies that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes 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 spend notice through the app, if you select to install it.
The money is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 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 few days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (frequently in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards promises big cost savings (85%) and a fantastic app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing current account with less fret about running out of cash and the extra step. But that does not mean it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, allowing us to make earnings from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete details can be found on our rates strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise gets rid of all FX markup on transactions.
Whenever you invest with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Add Card To Currensea