A brand-new fintech company which I was introduced to previously this year. Can You Go Overdrawn With A Currensea Card…
It has won a couple of awards over current months for what it does (using you a low-cost method to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the money is taken from your current account– just without the typical 3% fee.
Oh, and is totally free to apply for, which also helps.
There are also some intriguing travel advantages if you pick a paid strategy, but the totally free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or less expensive than the competition
include a growing number of features which your existing clients don’t actually need or want
include charges, limitations or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Monzo, revolut and curve are currently in Stage 3 …
is basic 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 Go Overdrawn With A Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (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% forex charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a very little FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very basic process. 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 automatically validates 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 on the currency. If you have the complimentary card, adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automatic spend alert via the app, if you pick to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (often in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees big cost savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can spend cash 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 best.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can choose.
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 Important Strategy whilst staying more affordable 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 plans, complete information can be discovered on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on deals.
Every time you invest with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Can You Go Overdrawn With A Currensea Card