A new fintech company which I was presented to previously this year. How Do I Cancel My Currensea Card…
It has won a couple of 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 easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a normal debit card and the money is taken from your bank account– simply without the usual 3% charge.
Oh, and is totally free to get, which also helps.
There are also some interesting travel benefits if you select a paid plan, but the free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competitors
include more and more functions which your existing consumers do not truly desire or need
add charges, restrictions or charges to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Curve, monzo and revolut are currently in Stage 3 …
is simple 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? How Do I Cancel My Currensea Card
It is a totally free direct debit card to use 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 miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer rewards and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which use a partial solution 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 fees and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a very little FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely basic process. You utilize 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 immediately validates 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 complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic invest alert through the app, if you select to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any 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 shows , 4.33 arranged to leave my HSBC account a couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (typically in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises huge savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less worry about lacking cash and the additional action. That does not suggest 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, permitting us to make profits from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, full information can be discovered on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.
Each time you invest with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. How Do I Cancel My Currensea Card