A brand-new fintech business which I was introduced to earlier this year. Currensea Gold Card…
It has actually won a few awards over current months for what it does (providing you an inexpensive method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, 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 normal 3% charge.
Oh, and is free to look for, which also helps.
There are also some intriguing travel advantages if you choose a paid strategy, however the totally free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include a growing number of features which your existing customers don’t truly want or require
add costs, charges or constraints to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Gold Card
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, a very basic 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 bank account bank automatically validates that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic spend notification through 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. With no foreign travel in the journal, I decided to sprinkle out and buy 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 couple of days later on:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (frequently in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Fortunately over the last few years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards promises big cost savings (85%) and a terrific app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less worry about lacking cash and the additional step. That does not suggest it is ideal.
In this Currensea review is the excellent, 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 Vital Strategy of 0.5% per transaction, allowing us to make earnings from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, full details can be found on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also eliminates all FX markup on transactions.
Every time you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Gold Card