A new fintech business which I was introduced to previously this year. Advantages Of A Currensea Card…
It has won a couple of awards over current months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your current account– just without the normal 3% cost.
Oh, and is totally free to get, which likewise helps.
There are also some interesting travel advantages if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add more and more features which your existing consumers don’t actually require or desire
include charges, fees or restrictions to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Advantages Of A Currensea Card
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing 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 complimentary ATM withdrawals. You can stop reading now.
However, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ options which offer a partial service 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 charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really 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, internationally).
Your bank account bank immediately verifies that you have adequate money 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 complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest alert by means of the app, if you choose to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 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 couple of days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (frequently in a various language) while not telling you about the expensive currency conversion fees happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Luckily recently a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards guarantees huge cost savings (85%) and a terrific app.
However I think the very 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 running out of money and the additional step. However that does not mean it is ideal.
In this Currensea review is the great, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, permitting us to make earnings from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, full information can be found on our pricing plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise removes all FX markup on transactions.
Every time you invest with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Advantages Of A Currensea Card