A brand-new fintech business which I was presented to earlier this year. Use Currensea Card Abroad…
It has won a few awards over recent months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your current account– just without the typical 3% charge.
Oh, and is free to get, which also assists.
There are likewise some fascinating travel benefits if you select a paid plan, but the totally free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or cheaper than the competitors
include increasingly more features which your existing clients do not truly require or want
add limitations, charges or charges to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Use Currensea Card Abroad
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make 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 charges, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX charges are few and far in between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a small charge beyond , 500).
you desire a product 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 travelling.
How does work in practice?
It is, as I said previously, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically validates 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 on the currency. If you have the free card, includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend alert by means of the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (frequently in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Fortunately recently a handful of excellent travel debit cards have popped onto the scene … and like other great cards promises huge cost savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can invest cash you have in your existing current account with less worry about lacking cash and the extra step. That does not imply it is ideal.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, enabling us to make revenue from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, complete details can be discovered on our rates plans.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on transactions.
Each time you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Use Currensea Card Abroad