A brand-new fintech business which I was introduced to earlier this year. How To Get The Sidemen Currensea Card…
It has won a few awards over current months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the money is drawn from your bank account– simply without the usual 3% cost.
Oh, and is totally free to look for, which also assists.
There are also some interesting travel advantages if you pick a paid strategy, however the complimentary strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add increasingly more features which your existing consumers don’t truly want or require
add charges, constraints or fees to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are already in Phase 3 …
is easy 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 To Get The Sidemen 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% fee.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, charge card which offer rewards and charge 0% FX costs are rare. The only ‘miles and points’ options which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees 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 affect your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically validates that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic spend notice through the app, if you select to install it.
The cash is taken from your bank account a few days later.
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 reveals , 4.33 set up to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (frequently in a various 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.
Fortunately recently a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards assures big savings (85%) and a terrific app.
However I think the best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less stress over running out of money and the extra action. However that does not suggest it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary 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 amount on all our strategies, full details can be discovered on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on deals.
Whenever you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. How To Get The Sidemen Currensea Card