A new fintech company which I was introduced to earlier this year. Why Will My New Currensea Card Not Scan…
It has won a few awards over recent months for what it does (providing you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your current account– just without the typical 3% charge.
Oh, and is complimentary to apply for, which also assists.
There are also some interesting travel advantages if you pick a paid strategy, but the complimentary strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competitors
add increasingly more features which your existing clients don’t really need or want
include charges, limitations or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Why Will My New Currensea Card Not Scan
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need 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 couple of and far between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank automatically confirms that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% fee. There are no costs if you have one of their paid cards.
You get an automated invest notice through the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no 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 arranged to leave my HSBC account a couple of days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (often in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Don’t get me started. Anyhow 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 promises big cost savings (85%) and a fantastic app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less stress over running out of cash and the extra step. But that does not mean it is best.
In this Currensea review is the good, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make revenue from our Necessary Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full information can be found on our prices strategies.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also removes all FX markup on deals.
Whenever you spend with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Why Will My New Currensea Card Not Scan