A new fintech company which I was introduced to previously this year. Currensea Credit Card Payment…
It has won a couple of awards over current months for what it does (using you a low-cost method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your present account– simply without the typical 3% charge.
Oh, and is totally free to make an application for, which also helps.
There are also some intriguing travel benefits if you pick a paid plan, however the totally free plan 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 free of charge or cheaper than the competition
add more and more features which your existing consumers don’t really desire or need
add constraints, fees or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Credit Card Payment
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
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% forex charges, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, a very 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, globally).
Your bank account bank immediately verifies 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. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated invest alert via the app, if you select to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and buy 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (typically in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Luckily over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and an excellent app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less stress over running out of cash and the extra action. But that does not imply it is ideal.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make earnings from our Necessary Plan 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 complimentary amount on all our plans, complete information can be discovered on our prices plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on transactions.
Whenever you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Credit Card Payment