A brand-new fintech company which I was presented to previously this year. Add Cash To Currensea Card…
It has actually won a couple of awards over current months for what it does (providing you an inexpensive way to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a normal debit card and the money is taken from your bank account– simply without the typical 3% cost.
Oh, and is free to apply for, which also assists.
There are also some interesting travel advantages if you choose a paid plan, however the totally free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
add a growing number of features which your existing consumers don’t really desire or require
include restrictions, charges or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Add Cash To Currensea Card
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use benefits and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect 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 monthly without any charges and just a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no fees.
You get an automatic invest alert through 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 chose to sprinkle out and buy 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 few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (often in a various language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea promises big savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less worry about running out of cash and the additional step. However that does not imply it is ideal.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make earnings from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be discovered on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on transactions.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Add Cash To Currensea Card