A new fintech business which I was introduced to earlier this year. What Countries Can I Use My Currensea Card…
It has won a few awards over recent months for what it does (providing you a low-cost way to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a typical debit card and the cash is drawn from your bank account– simply without the typical 3% cost.
Oh, and is free to apply for, which also helps.
There are also some fascinating travel advantages if you choose a paid plan, however the totally free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competition
add a growing number of features which your existing clients do not really require or desire
add restrictions, costs or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? What Countries Can I Use My Currensea Card
It is a totally free 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 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% foreign exchange fees, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX costs are couple of and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t 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 desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said previously, a very simple procedure. 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 instantly validates that you have adequate money in your account and authorises the deal.
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% charge. If you have one of their paid cards, there are no costs.
You get an automated spend alert via the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any 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 on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (typically in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees huge cost savings (85%) and a great app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less worry about running out of money and the extra step. But that does not indicate it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, enabling us to make earnings from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, full information can be found on our prices plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also removes all FX markup on deals.
Every time you spend with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. What Countries Can I Use My Currensea Card