A brand-new fintech business which I was introduced to earlier this year. Currensea Card Pakistan…
It has actually won a couple of awards over current months for what it does (providing you a low-cost method to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is drawn from your current account– just without the normal 3% fee.
Oh, and is totally free to look for, which also helps.
There are also some intriguing travel benefits if you choose a paid plan, but the totally free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include increasingly more features which your existing customers do not really require or desire
include restrictions, costs or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Monzo, curve and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Pakistan
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% charge.
You do not (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% foreign exchange fees, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, an extremely 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, worldwide).
Your bank account bank immediately validates that you have enough 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. includes a 0.5% cost if you have the free card. There are no fees if you have among their paid cards.
You get an automated spend notification through the app, if you pick to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose 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 few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (often in a different language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards guarantees big savings (85%) and an excellent app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less stress over lacking money and the extra action. That does not suggest it is best.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make revenue from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, full details can be found on our rates plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on transactions.
Whenever you spend with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Pakistan