A brand-new fintech business which I was presented to earlier this year. Can You Have More Than One Currensea Card…
It has actually won a few awards over recent months for what it does (providing you a low-cost method to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your existing account– simply without the usual 3% cost.
Oh, and is totally free to obtain, which likewise assists.
There are likewise some fascinating travel advantages if you choose a paid strategy, but the totally free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
add increasingly more functions which your existing clients do not actually require or want
include restrictions, charges or fees to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can You Have More Than One Currensea Card
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank 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 credit card offering 0% forex fees, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which provide benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a small fee beyond , 500).
you desire 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 cash when travelling.
How does operate in practice?
It is, as I stated earlier, a really easy process. You utilize 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 automatically confirms that you have sufficient money 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 totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic invest alert by means of the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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 few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (typically in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and a great app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less fret about running out of cash and the extra step. That does not indicate it is best.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make income from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be discovered on our pricing plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on deals.
Every time you invest with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Can You Have More Than One Currensea Card