A new fintech company which I was introduced to previously this year. Currensea Card Exchange Rate…
It has won a few 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 easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your existing account– just without the normal 3% cost.
Oh, and is complimentary to look for, which likewise helps.
There are also some interesting travel benefits if you pick a paid plan, but the totally free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add more and more features which your existing clients do not truly require or desire
add fees, charges or restrictions to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Phase 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 Exchange Rate
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact 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 costs and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said earlier, 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, internationally).
Your current account bank automatically validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic invest notification by means of the app, if you pick to install it.
The cash is taken from your current account a couple of days later.
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 scheduled to leave my HSBC account a few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a different language) while not telling you about the inflated currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Fortunately recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards assures huge savings (85%) and a great app.
However I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend cash you have in your existing current account with less fret about lacking cash and the extra step. But that does not suggest it is best.
In this Currensea review is the good, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, permitting us to make earnings from our Necessary Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, complete details can be discovered on our rates plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on transactions.
Every time you spend with your card we get a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Exchange Rate