A brand-new fintech business which I was introduced to earlier this year. Currensea Card Postal Code…
It has actually won a couple of awards over current months for what it does (using you a low-priced way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is drawn from your current account– just without the usual 3% cost.
Oh, and is totally free to obtain, which likewise assists.
There are also some intriguing travel benefits if you choose a paid plan, however the totally free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or more affordable than the competitors
add a growing number of functions which your existing clients don’t really want or require
include charges, fees or limitations to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Postal Code
It is a free direct debit card to use abroad and which instantly 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 wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you want free 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 provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs 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 per month with no costs and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated previously, a very basic procedure. 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 instantly validates that you have adequate money 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, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic spend alert by means of the app, if you pick to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no 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 shows , 4.33 set up to leave my HSBC account a couple of days later:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures big savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can invest cash you have in your existing current account with less stress over lacking money and the extra step. But that does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make profits from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete information can be discovered on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on transactions.
Whenever you invest with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Postal Code