A brand-new fintech company which I was presented to earlier this year. How To Register Currensea Card…
It has won a few awards over current months for what it does (providing you an affordable way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
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 spend as you would on a typical debit card and the money is drawn from your current account– just without the normal 3% cost.
Oh, and is free to get, which also helps.
There are likewise some interesting travel benefits if you pick a paid strategy, however the complimentary plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or less expensive than the competition
add more and more features which your existing customers don’t truly require or want
add costs, limitations or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are currently in Stage 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 Register Currensea Card
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which provide a partial solution 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 charge card offering 0% FX charges 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 with no charges and only a very little FX mark-up (there is a small cost beyond , 500).
you desire an item 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 travelling.
How does work in practice?
It is, as I stated earlier, a very easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank automatically verifies that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automated spend alert via the app, if you choose to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no 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 set up 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 daytime burglary that is practically to occur (often in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big savings (85%) and a great app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less worry about lacking cash and the extra step. That does not imply it is best.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, allowing us to make profits from our Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be discovered on our prices strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on deals.
Every time you spend 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 To Register Currensea Card