A brand-new fintech business which I was presented to previously this year. Is There A Limit I Can Put On Currensea Card…
It has won a couple of awards over recent months for what it does (providing you a low-cost method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your existing account– simply without the usual 3% cost.
Oh, and is totally free to get, which likewise assists.
There are also some interesting travel advantages if you select a paid plan, however the free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
include more and more features which your existing customers don’t truly require or desire
include charges, charges or limitations to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic 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 There A Limit I Can Put On Currensea Card
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX fees are scarce. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, 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 said previously, a really basic procedure. You use 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 automatically validates that you have sufficient 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. adds a 0.5% charge if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated spend notice by means of the app, if you select to install it.
The money is drawn from your current account a few days later.
Here is an example. With no 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 reveals , 4.33 arranged to leave my HSBC account a few days later:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (frequently in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea promises huge savings (85%) and a terrific app.
But I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less worry about lacking cash and the extra step. However that does not suggest it is ideal.
In this Currensea evaluation is the excellent, 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 Essential Strategy of 0.5% per deal, allowing us to make profits from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full details can be found on our pricing plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on transactions.
Each time you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Is There A Limit I Can Put On Currensea Card