A new fintech company which I was presented to previously this year. Can I Get My Currensea Card Delivered To Different Country…
It has won a couple of awards over recent months for what it does (providing you a low-cost way to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your current account– simply without the usual 3% fee.
Oh, and is complimentary to request, which also helps.
There are also some fascinating travel advantages if you pick a paid strategy, however the free strategy 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 for free or cheaper than the competitors
include more and more features which your existing clients do not truly want or need
add fees, charges or restrictions to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Stage 3 …
is simple 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? Can I Get My Currensea Card Delivered To Different Country
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
That’s it.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, 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 really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately verifies that you have enough cash in your account and authorises the deal.
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 totally free card. If you have one of their paid cards, there are no fees.
You get an automated spend notice by means of the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, 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 set up to leave my HSBC account a few days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (typically in a different language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards assures big savings (85%) and a terrific app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less stress over running out of money and the extra step. However that does not suggest it is ideal.
In this Currensea review is the good, the bad, the awful and the options, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, allowing us to make income from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete information can be discovered on our rates plans.
Membership charges.
We charge a yearly subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on deals.
Interchange.
Each time you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Can I Get My Currensea Card Delivered To Different Country