A brand-new fintech company which I was introduced to earlier this year. What Is A Currensea Card…
It has won a few awards over recent months for what it does (using you an affordable way 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. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the money is taken from your bank account– just without the usual 3% fee.
Oh, and is free to apply for, which likewise helps.
There are also some intriguing travel benefits if you pick a paid strategy, but the complimentary plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or cheaper than the competition
add more and more features which your existing customers don’t really desire or need
include charges, costs or restrictions to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully 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 club in 30 seconds?’ test:
What countries can I use Currensea? What Is A Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline company 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 require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a small cost beyond , 500).
you desire an item 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 travelling.
How does operate in practice?
It is, as I said previously, a really basic process. 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 current account bank instantly verifies 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 upon the currency. adds a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notification by means of the app, if you select to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and purchase 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 few days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily recently a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards guarantees huge cost savings (85%) and a fantastic app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less fret about lacking money and the additional action. But that does not suggest it is perfect.
In this Currensea review is the great, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, allowing us to make earnings from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be discovered on our pricing strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. What Is A Currensea Card