A new fintech business which I was introduced to previously this year. Can You Have 2 Cardholders On Currensea Card…
It has actually won a couple of awards over recent months for what it does (providing you a low-priced way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your present account– simply without the typical 3% fee.
Oh, and is complimentary to request, which likewise assists.
There are also some intriguing travel benefits if you pick a paid plan, however the free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or cheaper than the competitors
add increasingly more functions which your existing clients don’t really require or want
add charges, limitations or costs to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can You Have 2 Cardholders On Currensea Card
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
That’s it.
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% foreign exchange costs, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and just a very little FX mark-up (there is a little cost beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, a really simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly validates that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic invest alert through the app, if you choose to install it.
The cash is drawn from your bank account a couple of 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 reveals �,� 4.33 scheduled to leave my HSBC account a couple of days later:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to take place (often in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big savings (85%) and an excellent app.
However I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less stress over running out of money and the additional action. That does not indicate it is ideal.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make profits from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, full information can be found on our rates plans.
Membership costs.
We charge a yearly membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge likewise eliminates all FX markup on deals.
Interchange.
Whenever you spend with your card we get a little % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Can You Have 2 Cardholders On Currensea Card