A brand-new fintech company which I was presented to earlier this year. How Do I Use My Currensea Card…
It has actually won a few awards over current months for what it does (offering you a low-cost method to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply invest as you would on a normal debit card and the cash is taken from your present account– simply without the typical 3% charge.
Oh, and is free to make an application for, which also helps.
There are likewise some fascinating travel advantages if you choose a paid plan, however the totally free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
add increasingly more features which your existing clients do not actually want or need
add charges, fees or limitations to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Curve, monzo and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How Do I Use My Currensea Card
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide benefits and charge 0% FX costs are scarce. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody 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 simple 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 current account bank automatically verifies that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. There are no charges if you have among their paid cards.
You get an automated invest notification through the app, if you choose to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 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 couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (typically in a various language) while not telling you about the expensive currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea assures huge savings (85%) and a great app.
But 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 cash you have in your existing bank account with less worry about running out of cash and the extra action. However that does not mean it is best.
In this Currensea evaluation is the great, 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 Essential Strategy of 0.5% per transaction, allowing us to make profits from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be discovered on our prices strategies.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on transactions.
Each time you invest with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. How Do I Use My Currensea Card