A new fintech company which I was introduced to previously this year. Is Currensea Card Good To Take Abroad…
It has won a few awards over recent months for what it does (offering you an inexpensive way to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is drawn from your current account– just without the typical 3% fee.
Oh, and is totally free to apply for, which likewise assists.
There are also some fascinating travel advantages if you choose a paid plan, however the free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or cheaper than the competition
add more and more features which your existing consumers do not actually desire or need
include charges, fees or limitations to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Card Good To Take Abroad
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
That’s it.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX charges are couple of and far between. The only ‘points and miles’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not 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 want an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated previously, a really easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank immediately validates that you have sufficient cash in your account and authorises the transaction.
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% charge. There are no charges if you have among their paid cards.
You get an automated invest notification by means of the app, if you select to install it.
The cash is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to splash 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:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (often in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures huge savings (85%) and an excellent app.
I think the best bit might 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 stress over lacking cash and the extra step. But that does not indicate it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can decide.
FX markup.
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 Important Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be discovered on our prices strategies.
Membership costs.
We charge a yearly subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription cost likewise removes all FX markup on deals.
Interchange.
Every time you spend with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Is Currensea Card Good To Take Abroad