A new fintech business which I was introduced to previously this year. Is The Standard Currensea Card Contactless…
It has won a few awards over recent months for what it does (using you a low-cost way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is taken from your bank account– simply without the usual 3% fee.
Oh, and is totally free to obtain, which also assists.
There are also some interesting travel benefits if you choose a paid plan, however the free plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include more and more functions which your existing customers do not actually want or require
include charges, fees or limitations to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Is The Standard Currensea Card Contactless
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
That’s it.
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 charge card offering 0% forex costs, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which use benefits and charge 0% FX fees are scarce. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate 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 regional currency (any currency, worldwide).
Your current account bank immediately 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. If you have the free card, includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automatic spend notice by means of the app, if you select to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. Without any 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 reveals �,� 4.33 arranged to leave my HSBC account a couple of days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (typically in a different language) while not telling you about the exorbitant currency conversion fees happening 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 terrific cards Currensea promises huge savings (85%) and a fantastic app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less worry about lacking cash and the additional step. That does not suggest it is ideal.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make revenue from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, full information can be discovered on our rates strategies.
Membership fees.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on deals.
Interchange.
Every time you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Is The Standard Currensea Card Contactless