A new fintech company which I was presented to previously this year. What Age For A Currensea Card…
It has actually won a couple of awards over current months for what it does (using you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is drawn from your bank account– just without the usual 3% cost.
Oh, and is complimentary to apply for, which likewise assists.
There are also some fascinating travel benefits if you select a paid plan, however the free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or less expensive than the competitors
include increasingly more functions which your existing clients do not truly want or need
add fees, charges or constraints to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? What Age For A Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly without any costs and only 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 anyone else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a very 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 confirms that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automatic spend notification through the app, if you choose to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 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 few days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a different language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Fortunately in recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic 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 checking account.
What this indicates is you can spend cash you have in your existing current account with less stress over lacking money and the additional step. However that does not mean it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make income from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, full information can be discovered on our rates strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge also gets rid of all FX markup on transactions.
Whenever you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. What Age For A Currensea Card