A new fintech company which I was introduced to previously this year. Can You Get A Joint Currensea Card…
It has won a few awards over recent months for what it does (offering you a low-priced way to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% charge.
Oh, and is totally free to make an application for, which also assists.
There are also some interesting travel benefits if you select a paid plan, however the totally free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competitors
include more and more functions which your existing consumers do not actually want or need
add constraints, charges or costs to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can You Get A Joint Currensea Card
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer benefits and charge 0% FX fees are scarce. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a very easy 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 immediately verifies that you have sufficient cash 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 fees.
You get an automatic invest alert by means of the app, if you choose to install it.
The money is drawn from your bank account a couple of 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 reveals , 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 daylight robbery that is practically to occur (often in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately recently a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards promises huge 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 suggests is you can invest cash you have in your existing bank account with less worry about lacking cash and the additional step. That does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, enabling us to make revenue from our Necessary Plan whilst staying more affordable 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, full details can be discovered on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on deals.
Every time you spend with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Can You Get A Joint Currensea Card