A brand-new fintech company which I was introduced to previously this year. Currensea Debit Card…
It has actually won a few awards over current months for what it does (providing you an affordable method to invest 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 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 money is taken from your bank account– just without the usual 3% charge.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some fascinating travel benefits if you pick a paid strategy, however the free strategy works fine. You can use here.
There is a service 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 competitors
include a growing number of features which your existing consumers don’t actually desire or need
add charges, fees or constraints to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Monzo, curve and revolut are currently in Phase 3 …
is simple 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 Debit Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated earlier, a very simple procedure. You utilize 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 instantly 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. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic spend notice by means of the app, if you pick to install it.
The money is drawn from your bank account a few days later on.
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 arranged to leave my HSBC account a few days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (frequently in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and a great app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less fret about running out of money and the additional step. That does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make profits from our Necessary Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, full details can be discovered on our rates strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on transactions.
Every time you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Debit Card