A brand-new fintech company which I was presented to previously this year. How Much Does Currensea Card Cost…
It has actually won a few awards over current months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a regular debit card and the money is drawn from your bank account– just without the typical 3% cost.
Oh, and is complimentary to obtain, which also assists.
There are likewise some interesting travel benefits if you pick a paid strategy, but the free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add more and more features which your existing clients do not really require or desire
add charges, fees or restrictions to the feature 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 hopefully remain there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How Much Does Currensea Card Cost
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said previously, a really 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 validates 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. includes a 0.5% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automated spend notification via the app, if you select to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash 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:.
Converting pounds was expensive.
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 inflated currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards assures big savings (85%) and a terrific app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less fret about lacking money and the additional action. However that does not imply it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, allowing us to make revenue from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our plans, full details can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on transactions.
Every time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. How Much Does Currensea Card Cost