A new fintech company which I was presented to earlier this year. Currensea Card Belizean Dollar…
It has actually won a couple of awards over recent months for what it does (using you an inexpensive way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a normal debit card and the cash is taken from your current account– simply without the usual 3% fee.
Oh, and is free to look for, which likewise assists.
There are likewise some interesting travel advantages if you choose a paid strategy, but the totally free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add a growing number of functions which your existing customers don’t really desire or require
add restrictions, charges or fees to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Curve, Revolut and Monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Belizean Dollar
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn 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 fees, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX costs are few and far in between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, 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 taking a trip.
How does operate in practice?
It is, as I stated previously, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically confirms that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, adds a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automated spend notification through the app, if you pick 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 sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (often in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me began. 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 terrific cards Currensea guarantees huge savings (85%) and a great app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less worry about lacking money and the extra step. That does not imply it is best.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.
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 revenue from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, full information can be discovered on our prices plans.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise gets rid of all FX markup on deals.
Every time you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Belizean Dollar