A new fintech company which I was presented to earlier this year. 2016 Currensea Card…
It has won a few awards over current months for what it does (providing you a low-priced way to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your present account– just without the usual 3% fee.
Oh, and is totally free to get, which likewise helps.
There are likewise some interesting 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 and so on have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
include a growing number of features which your existing customers don’t really need or want
add charges, charges or restrictions to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Revolut, monzo and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? 2016 Currensea Card
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want 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 totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, a really 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 immediately validates that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated spend notice through the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and buy 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:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (frequently in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards assures huge cost savings (85%) and an excellent app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less fret about running out of money and the additional step. However that does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, allowing us to make revenue from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, complete details can be found on our pricing plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on deals.
Whenever you spend with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. 2016 Currensea Card