A brand-new fintech business which I was presented to previously this year. Can You Have 2 Cardholders On Currensea Card…
It has actually won a few awards over current months for what it does (using you an affordable method to spend abroad) however what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a normal debit card and the cash is taken from your current account– just without the normal 3% cost.
Oh, and is complimentary to look for, which likewise assists.
There are also some interesting travel benefits if you pick a paid strategy, however the complimentary plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competition
add increasingly more functions which your existing customers do not actually desire or need
include charges, fees or restrictions to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Monzo, curve and revolut are already in Stage 3 …
is easy 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? Can You Have 2 Cardholders On Currensea Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only 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 anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated earlier, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically validates that you have adequate 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. adds a 0.5% fee if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automated spend notification through the app, if you choose to install it.
The money is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided 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 couple of days later on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (frequently in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and a terrific app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less stress over lacking money and the additional step. That does not suggest it is ideal.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make income from our Necessary Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete details can be discovered on our pricing strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on transactions.
Each time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Can You Have 2 Cardholders On Currensea Card