A new fintech business which I was introduced to previously this year. Where To Get A Currensea Card…
It has actually won a couple of awards over recent months for what it does (using you a low-cost method to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is free to look for, which likewise assists.
There are also some intriguing travel advantages if you choose a paid strategy, but the totally free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or cheaper than the competition
include increasingly more functions which your existing customers do not really desire or need
add charges, constraints or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic 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? Where To Get A Currensea Card
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
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 require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which use rewards and charge 0% FX charges are rare. The only ‘points and miles’ choices 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 charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said previously, a really easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately verifies that you have sufficient cash in your account and authorises the deal.
The transaction 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% cost. There are no fees if you have one of their paid cards.
You get an automatic invest notice via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (typically in a various language) while not telling you about the inflated currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards assures huge cost savings (85%) and an excellent app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less stress over lacking money and the extra step. But that does not indicate it is perfect.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, allowing us to make revenue from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, full information can be discovered on our rates strategies.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise gets rid of all FX markup on deals.
Whenever you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Where To Get A Currensea Card