A new fintech business which I was presented to previously this year. Credit Card Statement Currensea…
It has actually won a few awards over current months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. You merely spend as you would on a typical debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is free to request, which likewise assists.
There are also some fascinating travel benefits if you select a paid strategy, however the complimentary strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include increasingly more features which your existing clients do not really need or want
add restrictions, charges or fees to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Credit Card Statement Currensea
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
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% forex charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, a really easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately validates that you have adequate money in your account and authorises the deal.
The transaction 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 fees if you have among their paid cards.
You get an automatic spend notice by means of the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (often in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can invest cash you have in your existing current account with less stress over running out of money and the additional step. But that does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, allowing us to make earnings from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete information can be discovered on our pricing strategies.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost also removes all FX markup on deals.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Credit Card Statement Currensea