A brand-new fintech company which I was introduced to earlier this year. Is Currensea The Best Currency Card…
It has won a couple of awards over recent months for what it does (using you a low-priced way to spend 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 in between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is taken from your bank account– simply without the normal 3% charge.
Oh, and is free to get, which likewise helps.
There are likewise some interesting travel benefits if you pick a paid strategy, however the totally free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or cheaper than the competition
include a growing number of functions which your existing clients do not really require or desire
include costs, charges or restrictions to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea The Best Currency Card
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
That’s it.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and just a minimal FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said earlier, a very 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, globally).
Your bank account bank automatically confirms 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. If you have one of their paid cards, there are no fees.
You get an automatic spend notice through the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 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 daylight break-in that is practically to take place (frequently 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.
Thankfully over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other great cards promises huge cost savings (85%) and an excellent app.
But I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can invest cash you have in your existing bank account with less worry about running out of cash and the extra action. That does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the awful 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 Necessary Plan of 0.5% per transaction, permitting us to make profits from our Important Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, complete information can be discovered on our rates strategies.
Subscription costs.
We charge an annual subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership cost likewise gets rid of all FX markup on deals.
Interchange.
Every time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Is Currensea The Best Currency Card