A brand-new fintech company which I was introduced to earlier this year. Why Wont Airlines Accept Currensea Card…
It has won a few awards over current months for what it does (offering you an inexpensive way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a regular debit card and the cash is drawn from your current account– just without the usual 3% charge.
Oh, and is totally free to look for, which also helps.
There are also some fascinating travel benefits if you select a paid plan, but the complimentary plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
include more and more functions which your existing clients don’t truly desire or need
include constraints, charges or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Phase 3 …
is easy 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? Why Wont Airlines Accept Currensea Card
It is a totally free direct debit card to utilize 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 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 fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, charge card which offer rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said earlier, a really basic process. 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 bank account bank instantly verifies that you have adequate 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. includes a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automatic invest notice through 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 journal, 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 few days later:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (often in a various language) while not telling you about the inflated currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge cost savings (85%) and a great app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less fret about running out of money and the additional action. But that does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, allowing us to make revenue from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, complete details can be discovered on our prices strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also eliminates all FX markup on deals.
Every time you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Why Wont Airlines Accept Currensea Card