A new fintech business which I was introduced to earlier this year. Is Currensea Card Accepted Everywhere…
It has won a couple of awards over recent months for what it does (offering you an affordable way to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, successfully, 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 simply invest as you would on a normal debit card and the cash is taken from your current account– simply without the typical 3% cost.
Oh, and is totally free to request, which likewise helps.
There are likewise some interesting travel advantages if you pick a paid plan, however the complimentary strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or cheaper than the competitors
include increasingly more functions which your existing clients don’t really require or want
add charges, restrictions or fees to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Card Accepted Everywhere
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far between. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said previously, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic invest notification by means of the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (often in a different language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards assures huge savings (85%) and an excellent app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less worry about running out of money and the extra step. That does not indicate it is perfect.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy 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 free amount on all our strategies, complete information can be discovered on our pricing plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also eliminates all FX markup on transactions.
Each time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Is Currensea Card Accepted Everywhere