A new fintech business which I was presented to earlier this year. Can You Get A Currensea Card In The Us…
It has won a couple of awards over current months for what it does (providing you a low-priced method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your present account– simply without the normal 3% fee.
Oh, and is complimentary to obtain, which also helps.
There are also some fascinating travel advantages if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include increasingly more functions which your existing consumers don’t actually need or want
add limitations, charges or fees to the feature 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 remain there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can You Get A Currensea Card In The Us
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, charge card which use benefits and charge 0% FX costs are scarce. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, a really 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 instantly 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 upon the currency. If you have the totally free card, adds a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automatic spend 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. 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 shows , 4.33 set up 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 daytime robbery that is almost to occur (typically in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea assures big savings (85%) and an excellent app.
I believe the best bit may 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 current account with less stress over lacking money and the additional step. However that does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, enabling us to make revenue from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, full details can be found on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on deals.
Each time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Can You Get A Currensea Card In The Us