A new fintech company which I was presented to earlier this year. Currensea Card How Long To Arrive…
It has actually won a couple of awards over recent months for what it does (providing you an affordable method to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is taken from your bank account– just without the usual 3% cost.
Oh, and is complimentary to obtain, which also assists.
There are also some interesting travel advantages if you select a paid plan, however the totally free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add increasingly more features which your existing clients do not truly need or want
add limitations, charges or costs to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card How Long To Arrive
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline company 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 do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX fees are few and far in between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very basic process. 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 immediately confirms that you have sufficient cash 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% fee if you have the totally free card. There are no charges if you have among their paid cards.
You get an automatic invest notice via the app, if you select to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (often in a various language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Luckily recently a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards assures huge savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this means is you can invest cash you have in your existing bank account with less stress over lacking cash and the extra step. That does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make earnings from our Essential Plan whilst remaining more affordable 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 information can be discovered on our rates strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on deals.
Whenever you spend with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card How Long To Arrive