A new fintech business which I was presented to earlier this year. Is Currensea Visa Considered A Credit Card…
It has won a couple of awards over current months for what it does (providing you a low-cost method to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your existing account– simply without the normal 3% fee.
Oh, and is complimentary to make an application for, which also helps.
There are also some fascinating travel advantages if you pick a paid strategy, however the totally free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add more and more functions which your existing clients do not truly want or require
add constraints, charges or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Monzo, curve and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Visa Considered A Credit Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX charges are couple of and far between. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, 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, worldwide).
Your current account bank automatically validates that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automatic spend notice via the app, if you pick to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (typically in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Fortunately recently a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards assures big savings (85%) and a great app.
But I think the very best bit might be what no other card does: links 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 money and the extra action. That does not imply it is perfect.
In this Currensea review 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 Strategy of 0.5% per deal, permitting us to make earnings from our Essential 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 totally free quantity on all our strategies, complete details can be found on our rates plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on transactions.
Whenever you spend with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. Is Currensea Visa Considered A Credit Card