A new fintech company which I was presented to earlier this year. Order Free Currensea Card…
It has actually won a few awards over current months for what it does (offering you a low-priced method to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your existing account– simply without the usual 3% fee.
Oh, and is totally free to obtain, which also assists.
There are also some interesting travel advantages if you choose a paid strategy, however the complimentary plan 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 less expensive than the competitors
include increasingly more functions which your existing consumers don’t truly need or desire
include charges, limitations or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Order Free Currensea Card
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% 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% forex costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated 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, globally).
Your current account bank immediately verifies that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic spend notice through the app, if you select to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle 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:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (often in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards promises huge savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: links to your existing high street checking account.
What this indicates is you can spend cash you have in your existing current account with less stress over lacking money and the additional step. However that does not mean it is ideal.
In this Currensea evaluation is the good, 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 Important Plan of 0.5% per transaction, allowing us to make income from our Important Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full details can be found on our rates strategies.
Subscription costs.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee also eliminates all FX markup on deals.
Interchange.
Each time you invest with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Order Free Currensea Card