A new fintech company which I was introduced to earlier this year. Currensea Card Promo Code…
It has won a few awards over current months for what it does (offering you an affordable way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a typical debit card and the money is taken from your bank account– just without the usual 3% fee.
Oh, and is free to request, which also assists.
There are likewise some interesting travel advantages if you select a paid strategy, but the free strategy works fine. You can apply 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 more affordable than the competitors
include a growing number of features which your existing consumers do not actually require or desire
include restrictions, charges or fees to the feature that made people get your product 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 Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Promo Code
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
That’s it.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are rare. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult children, moms and dads, 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 work in practice?
It is, as I said earlier, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank immediately verifies that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest notice by means of the app, if you choose to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle 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:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (typically in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards assures huge cost savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend money you have in your existing bank account with less fret about running out of money and the extra step. However that does not indicate it is ideal.
In this Currensea evaluation is the great, the bad, the awful 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 Essential Plan of 0.5% per deal, allowing us to make earnings from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, full information can be discovered on our prices strategies.
Membership fees.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription charge also gets rid of all FX markup on deals.
Interchange.
Every time you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Card Promo Code