A brand-new fintech company which I was introduced to earlier this year. Currensea Card Security Settings…
It has won a few awards over recent months for what it does (offering you an inexpensive method to invest 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. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a normal debit card and the cash is drawn from your current account– simply without the typical 3% charge.
Oh, and is free to get, which also helps.
There are likewise some intriguing travel benefits if you pick a paid plan, but the complimentary strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
add a growing number of features which your existing clients do not actually want or require
add fees, constraints or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Monzo, curve and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Security Settings
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ choices which offer a partial option 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 charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who needs a basic, 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 procedure. 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 bank account bank instantly validates that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon 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 by means of the app, if you select to install it.
The money is drawn from your current 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 arranged to leave my HSBC account a couple of days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (often in a various language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Luckily over the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards assures huge savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less stress over lacking money and the extra action. But that does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, enabling us to make income from our Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, complete information can be discovered on our pricing plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on transactions.
Every time you spend with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Security Settings