A new fintech business which I was presented to earlier this year. Freeze Currensea Card…
It has won a few awards over recent months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You merely spend as you would on a typical debit card and the cash is taken from your existing account– simply without the typical 3% charge.
Oh, and is complimentary to make an application for, which also assists.
There are also some fascinating travel advantages if you select a paid strategy, but the free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include more and more functions which your existing consumers do not truly need or want
include charges, fees or restrictions to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are already in Phase 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 Currensea Card
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
That’s it.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really simple procedure. You utilize 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 instantly verifies that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated spend notification by means of the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to splash 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 couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Thankfully in recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards promises huge cost savings (85%) and a fantastic app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less stress over lacking cash and the additional step. But that does not imply it is perfect.
In this Currensea review is the good, the bad, the awful and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, permitting us to make profits from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full information can be discovered on our prices strategies.
Subscription costs.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on transactions.
Interchange.
Each time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Freeze Currensea Card