A brand-new fintech business which I was introduced to previously this year. Currensea Card Verify Identity…
It has won a couple of awards over current months for what it does (providing you a low-priced way to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
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 simply spend as you would on a regular debit card and the money is drawn from your current account– simply without the typical 3% fee.
Oh, and is free to request, which also assists.
There are also some interesting travel advantages if you pick a paid plan, but the free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include a growing number of features which your existing clients don’t really want or need
include costs, charges or limitations to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Stage 3 …
is simple 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 Verify Identity
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish 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 reading now.
However, charge card which offer benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said previously, a very basic procedure. You utilize 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 immediately confirms 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. If you have the free card, includes a 0.5% charge. There are no fees if you have among their paid cards.
You get an automated spend notice by means of the app, if you select to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (often in a different language) while not telling you about the outrageous currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this indicates is you can spend money you have in your existing current account with less worry about lacking cash and the additional action. But that does not imply it is best.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, enabling us to make profits from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, full information can be found on our pricing plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on deals.
Each time you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Verify Identity