A new fintech company which I was introduced to previously this year. Update Card Currensea…
It has won a couple of awards over current months for what it does (offering you an inexpensive method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You merely spend as you would on a typical debit card and the cash is taken from your existing account– simply without the usual 3% cost.
Oh, and is totally free to apply for, which likewise helps.
There are also some fascinating travel benefits if you choose a paid strategy, however the 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 something well, and for free or cheaper than the competition
include more and more functions which your existing clients don’t actually need or want
include charges, constraints or fees to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Update Card Currensea
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
However, charge card which offer benefits and charge 0% FX costs are rare. The only ‘points and miles’ options which provide a partial service 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 charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, a very 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 bank account bank automatically confirms that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automated invest notification via the app, if you select to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (typically in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Thankfully in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge savings (85%) and an excellent app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less worry about lacking cash and the additional action. However that does not imply it is perfect.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make profits from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, complete information can be discovered on our prices strategies.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also eliminates all FX markup on transactions.
Whenever you invest with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Update Card Currensea