A brand-new fintech business which I was presented to earlier this year. Will My Currensea Card Work Abroad…
It has won a few awards over recent months for what it does (providing you an inexpensive method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. You merely spend as you would on a typical debit card and the cash is taken from your existing account– simply without the normal 3% cost.
Oh, and is free to look for, which also assists.
There are also some fascinating travel benefits if you choose a paid plan, however the free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add increasingly more features which your existing clients do not truly need or want
include constraints, fees or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Curve, monzo and revolut are already in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Will My Currensea Card Work Abroad
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 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% foreign exchange charges, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX fees are scarce. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not wish to affect 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 charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank automatically confirms that you have sufficient cash in your account and authorises the deal.
The deal 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% cost. There are no costs if you have among their paid cards.
You get an automatic spend alert through the app, if you select to install it.
The money is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to splash 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:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (often in a different language) while not telling you about the inflated currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures huge savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less fret about lacking money and the extra action. But that does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make profits from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, complete information can be discovered on our rates plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on deals.
Each time you spend 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. Will My Currensea Card Work Abroad