A new fintech company which I was introduced to previously this year. Is Currensea A Debit Or Credit Card…
It has actually won a couple of awards over current months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, 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 simply spend as you would on a regular debit card and the money is drawn from your bank account– just without the usual 3% charge.
Oh, and is free to get, which likewise helps.
There are likewise some interesting travel advantages if you select a paid plan, but the totally free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competition
include increasingly more features which your existing consumers do not actually want or require
add costs, limitations or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea A Debit Or Credit Card
It is a complimentary 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 do not (yet …) make 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 costs, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly verifies that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the totally free card. There are no costs if you have among their paid cards.
You get an automatic spend notice via the app, if you select to install it.
The cash is drawn from your bank account a few 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 set up to leave my HSBC account a couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (typically in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea promises big savings (85%) and a terrific 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 bank account with less worry about lacking cash and the extra action. That does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, permitting us to make revenue from our Vital Plan whilst remaining much cheaper 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 Strategy. The membership cost likewise gets rid of all FX markup on deals.
Every time you spend with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Is Currensea A Debit Or Credit Card