A new fintech company which I was introduced to previously this year. Currensea 18 Card…
It has won a couple of awards over recent months for what it does (providing you an affordable method to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You simply invest as you would on a normal debit card and the cash is taken from your existing account– just without the normal 3% fee.
Oh, and is complimentary to apply for, which likewise assists.
There are likewise some interesting travel benefits if you choose a paid strategy, however the totally free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competition
add a growing number of functions which your existing clients do not truly want or need
add charges, charges or constraints to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea 18 Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly confirms that you have adequate 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% cost if you have the free card. There are no costs if you have one of their paid cards.
You get an automatic invest notice via the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 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 couple of days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (frequently in a various language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea promises big savings (85%) and a terrific app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less worry about lacking money and the extra action. That does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make income from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, full information can be found on our prices plans.
Membership charges.
We charge an annual membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on deals.
Interchange.
Whenever you invest with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea 18 Card