A new fintech business which I was presented to earlier this year. Currensea Accept Card Payments…
It has won a few awards over recent months for what it does (providing you a low-cost method to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You just invest as you would on a typical debit card and the money is taken from your present account– simply without the usual 3% charge.
Oh, and is complimentary to look for, which likewise assists.
There are likewise some fascinating travel benefits if you choose a paid strategy, however the free plan works fine. You can use here.
There is a business 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
add a growing number of features which your existing clients do not actually require or want
add limitations, costs or charges to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently 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? Currensea Accept Card Payments
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use benefits and charge 0% FX costs are rare. The only ‘miles and points’ choices which offer a partial service 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 charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated previously, a very simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically validates that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% charge. There are no fees if you have among their paid cards.
You get an automated spend alert through the app, if you pick to install it.
The cash is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a couple of days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (often in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards assures big savings (85%) and a terrific app.
I believe the best bit might 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 stress over lacking cash and the additional action. That does not suggest it is ideal.
In this Currensea review is the good, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, allowing us to make revenue 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 use over the complimentary quantity on all our strategies, full information 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 membership charge likewise removes all FX markup on transactions.
Every time you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Accept Card Payments