A brand-new fintech company which I was presented to earlier this year. Currensea Physical Card Fee…
It has won a few awards over recent months for what it does (offering you an inexpensive method to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, 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 simply spend as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% cost.
Oh, and is totally free to apply for, which likewise helps.
There are likewise some interesting travel advantages if you pick a paid strategy, however the complimentary plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competition
include more and more functions which your existing consumers do not actually need or desire
add limitations, charges or fees to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Physical Card Fee
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline 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 don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, charge card which offer rewards and charge 0% FX costs are scarce. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said previously, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank instantly confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest notice through the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a few days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (frequently in a different language) while not telling you about the inflated currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Luckily recently a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards guarantees big savings (85%) and a great app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less worry about running out of money and the extra action. But that does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, allowing us to make profits from our Important Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete details can be discovered on our rates plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise removes all FX markup on transactions.
Each time you spend with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Physical Card Fee