A brand-new fintech business which I was introduced to earlier this year. Currensea Benefits…
It has actually won a couple of awards over recent months for what it does (providing you an affordable method to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You merely spend as you would on a normal debit card and the cash is taken from your existing account– just without the usual 3% charge.
Oh, and is free to obtain, which likewise assists.
There are also some fascinating travel advantages if you choose a paid strategy, but the totally free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
add a growing number of functions which your existing clients don’t truly want or require
include charges, restrictions or charges to the feature that made people 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. Monzo, revolut and curve are currently in Phase 3 …
is easy 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? Currensea Benefits
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
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% forex fees, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
However, credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX fees 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 credit card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a very easy procedure. 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 current account bank instantly 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 on the currency. adds a 0.5% cost if you have the free card. There are no costs if you have one of their paid cards.
You get an automatic invest alert through the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (frequently in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards assures big savings (85%) and a fantastic app.
But I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can spend cash you have in your existing bank account with less stress over lacking cash and the extra action. However that does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make profits from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be found on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on transactions.
Whenever you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Benefits