A new fintech business which I was introduced to previously this year. Currensea How To Unfreeze Card…
It has actually won a couple of awards over recent months for what it does (offering you a low-priced method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your current account– simply without the typical 3% cost.
Oh, and is complimentary to make an application for, which likewise assists.
There are likewise some intriguing travel advantages if you select a paid plan, but the free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add more and more functions which your existing clients do not truly want or need
include limitations, fees or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea How To Unfreeze Card
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
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 fees, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and just a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire 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 taking a trip.
How does work 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 local currency (any currency, internationally).
Your current account bank automatically verifies that you have adequate money 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% fee if you have the free card. If you have one of their paid cards, there are no fees.
You get an automated invest notification through the app, if you pick to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 scheduled to leave my HSBC account a few days later:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (often in a different language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and a terrific app.
However 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 cash you have in your existing bank account with less fret about lacking money and the additional step. That does not mean it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make profits from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full information can be discovered on our rates strategies.
Membership costs.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription fee also eliminates all FX markup on deals.
Interchange.
Whenever you invest with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea How To Unfreeze Card