A brand-new fintech company which I was introduced to previously this year. Currensea Card Security Settings…
It has actually won a couple of awards over current months for what it does (providing you a low-cost method to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your current account– just without the usual 3% cost.
Oh, and is complimentary to look for, which also helps.
There are also some interesting travel advantages if you pick a paid strategy, however the free strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
include more and more features which your existing customers do not really require or want
include charges, fees or restrictions to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple 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 Security Settings
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
That’s it.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire an item which permits 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 desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a really simple 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 immediately confirms 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 free card, adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated spend notice by means of the app, if you select to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 arranged to leave my HSBC account a few days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (frequently in a different language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Luckily over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards assures big savings (85%) and an excellent 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 spend cash you have in your existing current account with less worry about running out of money and the extra action. That does not imply it is perfect.
In this Currensea evaluation is the great, the bad, the ugly 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 Vital Strategy of 0.5% per deal, permitting us to make earnings from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, complete information can be discovered on our rates plans.
Membership fees.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership fee likewise removes all FX markup on transactions.
Interchange.
Each time you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Security Settings