A brand-new fintech company which I was introduced to previously this year. Where To Use Currensea Card…
It has actually won a few awards over current months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a typical debit card and the cash is taken from your current account– just without the normal 3% charge.
Oh, and is totally free to obtain, which also helps.
There are also some interesting travel advantages if you select a paid plan, but the complimentary strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competition
include increasingly more functions which your existing clients do not truly need or want
add charges, limitations or charges to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Where To Use Currensea Card
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps 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 credit card specifically to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I stated earlier, a very basic process. 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 bank account bank automatically validates that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. There are no fees if you have one of their paid cards.
You get an automated invest notification via the app, if you choose to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 set up to leave my HSBC account a few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (frequently in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily in recent years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards guarantees big savings (85%) and a fantastic app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing current account with less fret about running out of cash and the extra action. But that does not mean it is ideal.
In this Currensea review is the good, the bad, the awful and the options, so that you can choose.
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, enabling us to make income from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be found on our prices plans.
Subscription costs.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on transactions.
Interchange.
Whenever you invest with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Where To Use Currensea Card