A new fintech business which I was introduced to previously this year. Do You Get A Physical Card With Currensea…
It has actually won a few awards over recent months for what it does (using you a low-priced way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank 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 usual 3% fee.
Oh, and is complimentary to get, which likewise assists.
There are likewise some intriguing travel benefits if you pick a paid strategy, but the complimentary plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add a growing number of functions which your existing consumers do not really want or require
add fees, charges or restrictions to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is easy 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? Do You Get A Physical Card With Currensea
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far between. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely 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, globally).
Your current account bank immediately validates that you have sufficient 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. There are no costs if you have one of their paid cards.
You get an automated invest alert through the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, 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 arranged to leave my HSBC account a couple of days later on:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to happen (frequently in a various language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures big savings (85%) and an excellent 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 spend money you have in your existing bank account with less worry about lacking cash and the additional step. That does not indicate it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, enabling us to make profits from our Necessary Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, complete information can be found on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also removes all FX markup on transactions.
Whenever you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Do You Get A Physical Card With Currensea