A brand-new fintech business which I was introduced to earlier this year. Freeze Card Currensea…
It has actually won a few awards over current months for what it does (offering you an affordable method to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a normal debit card and the cash is taken from your bank account– just without the typical 3% cost.
Oh, and is complimentary to get, which likewise helps.
There are likewise some interesting travel advantages if you choose a paid plan, however the complimentary plan works fine. You can use here.
There is a service design 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 more and more functions which your existing clients don’t actually want or require
include charges, charges or limitations to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, curve and monzo are already in Stage 3 …
is simple 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? Freeze Card Currensea
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which provide a partial option 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 charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically 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 upon the currency. If you have the totally free card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend alert through the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (typically in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards Currensea assures huge savings (85%) and an excellent app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less stress over running out of cash and the extra action. That does not indicate it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies 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 Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, full information can be found on our rates strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on deals.
Every time you invest with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Freeze Card Currensea