A brand-new fintech business which I was presented to previously this year. Can I Get Currensea Card For My Daughter…
It has won a few awards over recent months for what it does (using you a low-priced way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a typical debit card and the money is taken from your bank account– simply without the normal 3% cost.
Oh, and is free to apply for, which also helps.
There are likewise some fascinating travel benefits if you select a paid plan, however the free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
include a growing number of functions which your existing clients don’t truly require 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 Phase 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? Can I Get Currensea Card For My Daughter
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX fees are scarce. The only ‘miles and points’ choices which provide a partial solution 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 specifically to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little charge beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, 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 basic procedure. You use 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 instantly confirms that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated invest notification via the app, if you choose to install it.
The money is taken from your current account a few days later.
Here is an example. With no 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 shows �,� 4.33 scheduled to leave my HSBC account a few days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (frequently in a various language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and a great app.
But I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can spend money you have in your existing current account with less worry about running out of money and the extra step. That does not indicate it is ideal.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make profits from our Essential Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full information can be discovered on our rates plans.
Membership fees.
We charge an annual subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on transactions.
Interchange.
Each time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Can I Get Currensea Card For My Daughter