A brand-new fintech business which I was introduced to earlier this year. Does Currensea Card Have Any Fee…
It has won a few awards over current months for what it does (providing you an inexpensive way to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is drawn from your bank account– just without the usual 3% cost.
Oh, and is totally free to request, which likewise helps.
There are likewise some intriguing travel benefits if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or less expensive than the competition
add a growing number of features which your existing clients do not truly want or require
add charges, costs or constraints to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Monzo, revolut and curve are currently in Phase 3 …
is easy 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? Does Currensea Card Have Any Fee
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said previously, an extremely simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically confirms that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the totally free card. There are no fees if you have among their paid cards.
You get an automated spend notice by means of the app, if you choose to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no 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 set up 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 daylight burglary that is almost to take place (frequently in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Fortunately in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards assures huge cost savings (85%) and an excellent app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less fret about lacking cash and the extra action. That does not mean it is perfect.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make profits from our Essential Strategy 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 amount on all our strategies, complete information can be discovered on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise eliminates all FX markup on transactions.
Whenever you invest with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Does Currensea Card Have Any Fee