A new fintech business which I was presented to previously this year. Currensea Card Live Chat…
It has actually won a few awards over current months for what it does (using you a low-priced way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your present account– just without the normal 3% cost.
Oh, and is free to apply for, which likewise helps.
There are likewise some interesting travel advantages if you pick a paid strategy, however the complimentary strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add increasingly more functions which your existing customers don’t truly want or need
include costs, constraints or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is simple 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 Live Chat
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
However, charge card which offer rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, 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 simple process. You use 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 immediately verifies that you have sufficient 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. If you have the totally free card, includes a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automated spend alert by means of the app, if you choose to install it.
The money 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 sprinkle out and buy 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 couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (often in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards Currensea assures big cost savings (85%) and a fantastic app.
But I believe the very best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can spend money you have in your existing bank account with less fret about lacking cash and the extra action. But that does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make profits from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise 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.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also eliminates all FX markup on transactions.
Whenever you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Live Chat