A new fintech company which I was introduced to earlier this year. Currensea Card Dollar Rate…
It has actually won a couple of awards over current months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your present account– just without the usual 3% cost.
Oh, and is complimentary to apply for, which likewise assists.
There are also some intriguing travel advantages if you choose a paid strategy, however the free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or less expensive than the competitors
add a growing number of features which your existing clients do not really require or desire
include constraints, costs or charges to the function 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 ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Dollar Rate
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
That’s it.
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% foreign exchange charges, then you don’t need a card, unless you desire totally free 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 ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, a very 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, internationally).
Your current account bank automatically confirms that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automatic invest notice via the app, if you pick to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 scheduled to leave my HSBC account a couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (often in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Fortunately recently a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can spend money you have in your existing bank account with less worry about running out of money and the extra step. But that does not imply it is perfect.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make earnings from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, full details can be found on our rates strategies.
Membership costs.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.
Interchange.
Every time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Dollar Rate