A new fintech company which I was introduced to earlier this year. How To Get A New Currensea Card…
It has actually won a few awards over recent months for what it does (using you an inexpensive method to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your current account– just without the usual 3% fee.
Oh, and is totally free to look for, which also helps.
There are likewise some interesting travel advantages if you choose a paid strategy, however the free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competitors
add more and more features which your existing consumers do not actually want or need
add constraints, charges or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Stage 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 To Get A New Currensea Card
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use benefits and charge 0% FX fees are scarce. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs 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 allows you to make , 500 of foreign currency ATM withdrawals monthly without any costs and only a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said previously, a really basic procedure. 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 current account bank automatically confirms 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 on the currency. includes a 0.5% fee if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated spend alert by means of the app, if you pick to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash 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:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (often in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards Currensea promises huge savings (85%) and an excellent app.
However I think the very 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 stress over lacking cash and the additional step. That does not suggest it is best.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make income from our Necessary Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, full details can be found on our pricing plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on deals.
Whenever you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. How To Get A New Currensea Card