A brand-new fintech company which I was introduced to previously this year. Can I Order A Second Currensea Card…
It has won a couple of awards over recent months for what it does (offering you an affordable way to invest abroad) however what I like about is that it is simple 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 absolutely nothing to top-up or prepay. You just spend as you would on a typical debit card and the money is drawn from your current account– just without the normal 3% charge.
Oh, and is complimentary to get, which also helps.
There are likewise some intriguing travel advantages if you select a paid plan, but the totally free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competition
add a growing number of functions which your existing consumers do not actually want or need
add limitations, fees or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently 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 discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Order A Second Currensea Card
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which use rewards and charge 0% FX charges are scarce. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a very little FX mark-up (there is a small fee beyond , 500).
you want a product 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 money when travelling.
How does work in practice?
It is, as I said previously, an extremely easy procedure. 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 verifies 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. If you have the free card, includes a 0.5% charge. There are no fees if you have among their paid cards.
You get an automatic spend notice via the app, if you select to install it.
The cash is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, 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 arranged to leave my HSBC account a few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (typically in a various language) while not telling you about the inflated currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can spend money you have in your existing bank account with less fret about running out of money and the extra step. However that does not mean it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make income from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete details can be found on our prices strategies.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also eliminates all FX markup on transactions.
Each time you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Can I Order A Second Currensea Card