A new fintech company which I was presented to previously this year. Is A Currensea Card Safe…
It has won a few awards over recent months for what it does (offering you a low-cost way to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply spend as you would on a normal debit card and the money is taken from your existing account– just without the normal 3% charge.
Oh, and is free to obtain, which also assists.
There are also some fascinating travel benefits if you select a paid strategy, but the free strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add increasingly more features which your existing customers do not really require or desire
add charges, costs or limitations to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Is A Currensea Card Safe
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a really basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically validates that you have adequate 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. adds a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automatic spend notification by means of the app, if you pick to install it.
The cash is taken from your current account a few days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (frequently in a different language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge cost savings (85%) and a fantastic app.
However I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less fret about running out of money and the additional action. 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 decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, permitting us to make revenue 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 usage over the complimentary quantity on all our strategies, complete information can be discovered on our rates strategies.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge likewise eliminates all FX markup on transactions.
Each time you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. Is A Currensea Card Safe