A new fintech business which I was introduced to previously this year. What Card Is Currensea…
It has actually won a couple of awards over recent months for what it does (using you a low-cost way to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the money is drawn from your bank account– just without the usual 3% cost.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some intriguing travel benefits if you choose a paid plan, however the totally free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competition
include increasingly more features which your existing customers do not really require or want
include costs, charges or constraints to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo 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? What Card Is Currensea
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly confirms that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated spend notification via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no 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 few days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (typically in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me began. Anyhow 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 fantastic cards assures huge savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less stress over lacking money and the additional action. However that does not imply it is best.
In this Currensea evaluation is the excellent, 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 deal, enabling us to make profits from our Necessary Strategy 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 totally free quantity on all our plans, full information can be found on our prices plans.
Subscription charges.
We charge an annual subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on deals.
Interchange.
Every time you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. What Card Is Currensea