A new fintech company which I was introduced to earlier this year. How Do I Get A Currensea Card Uk…
It has actually won a few awards over recent months for what it does (providing you a low-cost way to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
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 just invest as you would on a normal debit card and the cash is drawn from your current account– simply without the normal 3% charge.
Oh, and is complimentary to request, which also helps.
There are likewise some fascinating travel benefits if you select a paid strategy, however the complimentary plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competition
add a growing number of functions which your existing consumers do not actually want or need
add charges, restrictions or fees to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How Do I Get A Currensea Card Uk
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, credit cards which provide rewards and charge 0% FX charges are scarce. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, an extremely basic procedure. You use 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 instantly validates that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic spend notification via the app, if you select to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, 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 few days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to take place (often in a different language) while not telling you about the inflated currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Luckily in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards promises big savings (85%) and a fantastic app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less worry about lacking money and the additional action. But that does not imply it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, enabling us to make profits from our Important Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete information can be discovered on our prices strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge also gets rid of all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. How Do I Get A Currensea Card Uk