A new fintech company which I was introduced to previously this year. How Can I Get A Free Currensea Card…
It has won a couple of awards over recent months for what it does (using you a low-cost method to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is free to apply for, which likewise helps.
There are also some fascinating travel advantages if you select a paid plan, but the free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include more and more functions which your existing customers don’t truly need or want
add charges, costs or limitations to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? How Can I Get A Free Currensea Card
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a small cost beyond , 500).
you want 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 conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely 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, worldwide).
Your bank account bank automatically validates that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automatic spend notice through the app, if you pick to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any 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 scheduled to leave my HSBC account a couple of days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to happen (often in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less worry about running out of cash and the extra step. That does not mean 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 plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, enabling us to make income from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, full details can be discovered on our rates plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on transactions.
Every time you invest with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. How Can I Get A Free Currensea Card