A new fintech company which I was presented to earlier this year. Currensea Card Confirmation…
It has actually won a couple of awards over recent months for what it does (using you an affordable way 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 bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is taken from your current account– simply without the normal 3% charge.
Oh, and is complimentary to apply for, which also helps.
There are likewise some intriguing travel benefits if you choose a paid strategy, however the totally free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competitors
add increasingly more functions which your existing customers do not actually want or need
include constraints, charges or charges 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 procedure and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Confirmation
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make 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 costs, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are couple of and far between. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated previously, a really basic 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 instantly verifies that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes 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 spend notice via the app, if you choose 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 decided to splash out and purchase 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 couple of days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (frequently in a different language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards guarantees huge savings (85%) and a terrific app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less fret about running out of money and the extra step. However that does not imply it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make earnings from our Essential Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete details can be discovered on our pricing plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on transactions.
Every time you spend 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. Currensea Card Confirmation