A brand-new fintech company which I was presented to earlier this year. Does Currensea Have A Credit Card…
It has actually won a few awards over recent months for what it does (providing you an affordable method to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your current account– just without the normal 3% cost.
Oh, and is complimentary to apply for, which also assists.
There are also some interesting travel advantages if you choose a paid plan, however the free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add more and more functions which your existing customers don’t truly require or want
add restrictions, costs or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Does Currensea Have A Credit Card
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
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 charges, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely basic 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 bank account bank instantly verifies 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. adds a 0.5% charge if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automatic invest notice through the app, if you select to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose 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 couple of days later:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to occur (often in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Luckily over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards guarantees huge savings (85%) and a terrific app.
However I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can invest money you have in your existing bank account with less stress over running out of money and the extra action. That does not imply it is perfect.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, allowing us to make income from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, full information can be discovered on our rates plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise removes all FX markup on deals.
Every time you spend with your card we get a little % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Does Currensea Have A Credit Card