A new fintech business which I was presented to previously this year. Order Currensea Card…
It has actually won a few awards over recent months for what it does (offering you a low-cost 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. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is taken from your bank account– just without the normal 3% charge.
Oh, and is free to apply for, which also helps.
There are also some intriguing travel advantages if you choose a paid plan, however the complimentary strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add increasingly more features which your existing customers do not really need or desire
include fees, limitations or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Revolut, monzo and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Order Currensea Card
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which use a partial option 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 credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely easy process. You utilize 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 validates that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend notice by means of the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, 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 set up to leave my HSBC account a couple of days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (frequently in a different language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Luckily in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards guarantees huge cost savings (85%) and a fantastic app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing bank account with less stress over running out of cash and the extra step. But that does not imply it is ideal.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make profits from our Necessary 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 information can be found on our rates plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also gets rid of all FX markup on transactions.
Every time you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Order Currensea Card