A brand-new fintech company which I was introduced to earlier this year. Currensea Credit Card…
It has actually won a couple of awards over current months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply spend as you would on a regular debit card and the money is taken from your existing account– simply without the usual 3% fee.
Oh, and is totally free to request, which likewise helps.
There are also some intriguing travel benefits if you pick a paid plan, however the complimentary plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
include more and more functions which your existing consumers do not really want or need
add limitations, charges 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 process and will hopefully stay there. Curve, monzo and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Credit Card
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
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 costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ options which provide 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 charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated previously, a very simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
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 on the currency. adds a 0.5% fee if you have the free card. There are no fees if you have among their paid cards.
You get an automatic spend notice by means of the app, if you select to install it.
The money is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, 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 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (typically in a different language) while not telling you about the expensive currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other terrific cards Currensea assures big cost savings (85%) and a great app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less worry about lacking money and the extra action. But that does not suggest it is best.
In this Currensea review is the good, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, allowing us to make earnings from our Essential Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, full information can be found on our rates strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Credit Card