A new fintech business which I was introduced to previously this year. Currensea Card Cost…
It has won a couple of awards over current months for what it does (offering you an affordable 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. You simply invest as you would on a regular debit card and the cash is taken from your existing account– simply without the usual 3% cost.
Oh, and is free to get, which also helps.
There are likewise some intriguing travel advantages if you select a paid plan, but the totally free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or more affordable than the competitors
include increasingly more features which your existing clients don’t actually require or want
add charges, constraints or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Cost
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
You do not (yet …) earn 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 costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely easy procedure. You utilize 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 verifies that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated spend notice through the app, if you choose to install it.
The cash is taken from your bank account a few days later.
Here is an example. Without any 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 couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (typically in a various language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees huge 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 suggests is you can spend cash you have in your existing current account with less worry about lacking cash and the extra action. That does not suggest it is ideal.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, allowing us to make revenue from our Important Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, complete information can be discovered on our rates plans.
Subscription fees.
We charge an annual membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost also eliminates all FX markup on deals.
Interchange.
Every time you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Cost