A new fintech business which I was presented to earlier this year. Is Currensea Card Part Of Link Network…
It has actually won a couple of awards over current months for what it does (offering you an inexpensive way to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a typical debit card and the cash is taken from your current account– just without the normal 3% cost.
Oh, and is totally free to make an application for, which likewise helps.
There are likewise some intriguing travel advantages if you select a paid plan, however the complimentary strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or cheaper than the competition
add a growing number of functions which your existing consumers don’t actually need or desire
include limitations, charges or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Card Part Of Link Network
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which use rewards and charge 0% FX costs are scarce. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated previously, a very 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, globally).
Your current account bank instantly verifies that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automated invest notice via the app, if you select to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. With no 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 shows �,� 4.33 set up to leave my HSBC account a couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (often in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me started. 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 great cards Currensea promises huge cost savings (85%) and a great app.
However I think the best bit might be what no other card does: connects to your existing high street checking account.
What this implies is you can spend cash you have in your existing bank account with less stress over running out of cash and the additional action. That does not mean it is perfect.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can choose.
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, enabling us to make revenue from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, full information can be found on our prices strategies.
Subscription charges.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on deals.
Interchange.
Every time you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Is Currensea Card Part Of Link Network