A new fintech company which I was presented to earlier this year. How To Get A Currensea Card For Free…
It has actually won a couple of awards over recent months for what it does (using you a low-priced 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 bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the money is taken from your current account– just without the usual 3% cost.
Oh, and is free to make an application for, which also helps.
There are also some fascinating travel benefits if you pick a paid strategy, however the free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add a growing number of features which your existing consumers don’t actually want or require
add charges, limitations or fees to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How To Get A Currensea Card For Free
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer rewards and charge 0% FX costs are scarce. The only ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely easy process. 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 immediately validates that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated invest alert through the app, if you pick to install it.
The money is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (often in a different language) while not telling you about the inflated currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Thankfully in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards guarantees huge cost 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 suggests is you can spend cash you have in your existing current account with less fret about lacking cash and the additional step. However that does not suggest it is perfect.
In this Currensea evaluation is the good, 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 Plan of 0.5% per deal, enabling us to make earnings from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete details can be discovered on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee also removes all FX markup on transactions.
Whenever you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. How To Get A Currensea Card For Free