A new fintech company which I was presented to earlier this year. Currensea Card Charge Abroad…
It has won a few awards over current months for what it does (using you an affordable way to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your present account– just without the normal 3% charge.
Oh, and is free to request, which likewise helps.
There are also some fascinating travel benefits if you choose 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 actually all followed:
launch by doing something well, and free of charge or cheaper than the competition
include increasingly more functions which your existing clients don’t actually need or want
add costs, charges or restrictions to the feature that made individuals get your product in the first place, removing 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 describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Charge Abroad
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly confirms that you have sufficient 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. adds a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automatic invest alert by means of the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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 on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Fortunately in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards guarantees big savings (85%) and a terrific app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less stress over running out of money and the additional action. That does not mean it is ideal.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make earnings from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full information can be found on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on transactions.
Every time you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Charge Abroad