A new fintech business which I was introduced to previously this year. Is Currensea Card Good…
It has actually won a few awards over recent months for what it does (providing you a low-priced method to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You simply invest as you would on a typical debit card and the money is taken from your present account– simply without the usual 3% charge.
Oh, and is complimentary to make an application for, which also helps.
There are also some intriguing travel benefits if you select a paid plan, however the free plan works fine. You can apply 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 free of charge or more affordable than the competition
include a growing number of functions which your existing customers do not really require or want
add fees, constraints or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Card Good
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (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 want totally free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated earlier, a very 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 immediately verifies that you have sufficient 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. If you have the totally free card, adds a 0.5% fee. There are no costs if you have among their paid cards.
You get an automatic invest alert via the app, if you select to install it.
The cash is drawn from your current 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 shows , 4.33 arranged to leave my HSBC account a couple of days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (frequently in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards assures big 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 savings account.
What this implies is you can spend money you have in your existing current account with less fret about lacking money and the additional step. That does not indicate it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, permitting us to make income from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, complete details can be found on our rates plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise removes all FX markup on deals.
Each time you spend with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Is Currensea Card Good