A new fintech company which I was presented to previously this year. Currensea Card Uk Apply…
It has actually won a couple of awards over current months for what it does (providing you an inexpensive way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the cash is drawn from your bank account– just without the normal 3% cost.
Oh, and is complimentary to make an application for, which also helps.
There are also some fascinating travel benefits if you pick a paid plan, however the complimentary strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add increasingly more functions which your existing customers do not truly want or need
add charges, fees or restrictions to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Curve, monzo and revolut are already in Phase 3 …
is basic 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 Uk Apply
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 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% foreign exchange fees, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank instantly confirms that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% cost. There are no charges if you have among their paid cards.
You get an automated invest alert through the app, if you select to install it.
The cash is drawn 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 buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (typically in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Fortunately in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards promises big cost savings (85%) and a terrific app.
But I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this suggests is you can invest money you have in your existing bank account with less worry about lacking money and the additional step. But that does not suggest it is best.
In this Currensea evaluation 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 small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make profits from our Vital Strategy whilst staying much cheaper 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 strategies, complete details can be discovered on our rates plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge also eliminates all FX markup on deals.
Whenever you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Uk Apply