A brand-new fintech company which I was presented to previously this year. Where Can I Buy A Currensea Card…
It has won a few awards over recent months for what it does (providing you an inexpensive way to invest 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 spend as you would on a regular debit card and the money is taken from your current account– just without the normal 3% charge.
Oh, and is totally free to look for, which likewise helps.
There are likewise some fascinating travel advantages if you select a paid strategy, however the totally free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include a growing number of features which your existing clients do not actually require or desire
add limitations, fees or charges to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Revolut, monzo and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Where Can I Buy A Currensea Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide rewards and charge 0% FX fees are rare. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially 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 particularly to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a little cost beyond , 500).
you want 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 save them money when taking a trip.
How does work in practice?
It is, as I said earlier, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
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 upon the currency. If you have the free card, includes a 0.5% charge. 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 current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to splash 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:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (often in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily in recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards guarantees big savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend cash you have in your existing bank account with less worry about lacking cash and the additional step. That does not mean it is perfect.
In this Currensea review is the great, the bad, the unsightly and the alternatives, 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 transaction, enabling us to make income from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be found on our rates plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on transactions.
Every time you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Where Can I Buy A Currensea Card