A new fintech business which I was introduced to previously this year. What Does Currensea Card Do…
It has actually won a couple of awards over recent months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. You just invest as you would on a normal debit card and the money is taken from your current account– just without the typical 3% fee.
Oh, and is complimentary to get, which likewise assists.
There are also some fascinating travel advantages if you choose a paid plan, but the totally free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or more affordable than the competition
add a growing number of functions which your existing customers don’t actually want or need
add charges, constraints or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Revolut, curve and monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? What Does Currensea Card Do
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said earlier, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank immediately verifies 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 on the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated spend notification through the app, if you pick to install it.
The money is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose 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 few days later:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (typically in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea assures big cost savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest cash you have in your existing current account with less worry about lacking money and the extra action. But that does not mean it is ideal.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, permitting us to make profits from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be found on our pricing strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on transactions.
Every time you spend with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. What Does Currensea Card Do