A new fintech company which I was introduced to earlier this year. Is It The Currensea Card Good What People Say…
It has actually won a few awards over recent months for what it does (using you an inexpensive way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your current account– just without the normal 3% charge.
Oh, and is free to make an application for, which also assists.
There are likewise some intriguing travel benefits if you choose a paid strategy, however the free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competition
add more and more functions which your existing consumers do not actually desire or require
add limitations, charges or charges to the function that made individuals 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. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Is It The Currensea Card Good What People Say
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, a really easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately validates that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated invest notification by means of the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to splash 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 few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (typically in a different language) while not telling you about the expensive currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Thankfully recently a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards assures big savings (85%) and an excellent app.
I think the finest 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 money and the extra step. That does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, enabling us to make profits 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 use over the complimentary quantity on all our plans, full information can be discovered on our prices plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge likewise eliminates all FX markup on deals.
Whenever you invest with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and will not be credited you. Is It The Currensea Card Good What People Say