A brand-new fintech company which I was introduced to earlier this year. Currensea Credit Card Uk…
It has won a few awards over recent months for what it does (providing you a low-cost method to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the money is taken from your bank account– simply without the normal 3% charge.
Oh, and is totally free to request, 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 etc have actually all followed:
launch by doing something well, and totally free or cheaper than the competition
add a growing number of features which your existing consumers do not truly desire or require
include restrictions, charges or costs to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Stage 3 …
is basic 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 Credit Card Uk
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, parents, partner or anyone 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 previously, a very simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately verifies that you have sufficient cash in your account and authorises the transaction.
The deal 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 charges.
You get an automatic spend alert by means of the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 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 few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (typically in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises huge savings (85%) and an excellent app.
But I believe 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 cash you have in your existing bank account with less worry about running out of money and the additional step. That does not mean it is best.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make profits from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete details can be found on our pricing strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise removes all FX markup on deals.
Whenever you invest with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Credit Card Uk