A new fintech company which I was introduced to previously this year. Why Currensea Card Is Different…
It has actually won a few awards over recent months for what it does (using you an affordable method to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your existing account– just without the normal 3% fee.
Oh, and is totally free to obtain, which also helps.
There are likewise some fascinating travel advantages if you choose a paid plan, however the free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
include more and more functions which your existing consumers do not truly desire or need
add restrictions, costs or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is easy 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? Why Currensea Card Is Different
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
That’s it.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer rewards and charge 0% FX fees are scarce. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any fees and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, an extremely easy procedure. 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 automatically verifies that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic invest notice through the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 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 couple of days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (frequently in a different language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big savings (85%) and a terrific app.
But I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can spend cash you have in your existing current account with less worry about lacking cash and the extra action. That does not imply it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make profits from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, complete information can be discovered on our rates strategies.
Subscription fees.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on transactions.
Interchange.
Whenever you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Why Currensea Card Is Different