A new fintech company which I was presented to earlier this year. Is Currensea A Travel Card…
It has won a couple of awards over recent months for what it does (using you an inexpensive way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is taken from your current account– simply without the typical 3% fee.
Oh, and is totally free to obtain, which also assists.
There are likewise some intriguing travel advantages if you select a paid strategy, however the complimentary strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include increasingly more functions which your existing consumers don’t actually need or desire
include charges, fees or limitations to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, monzo 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? Is Currensea A Travel Card
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
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% foreign exchange charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit 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 an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs 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 said earlier, a really basic procedure. 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 current account bank instantly validates that you have sufficient 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. If you have the complimentary card, includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic spend alert via the app, if you choose 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 chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (often in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Luckily in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards guarantees 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 suggests is you can invest money you have in your existing current account with less stress over running out of cash and the extra step. But that does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make income from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, complete details can be discovered on our pricing plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on transactions.
Each time you invest with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Is Currensea A Travel Card