A brand-new fintech company which I was introduced to previously this year. Currensea Card —Á—Ç–Æ —Ç—Ç–Æ…
It has won a few awards over current months for what it does (providing you an inexpensive method to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your present account– just without the usual 3% charge.
Oh, and is totally free to get, which also helps.
There are also some intriguing travel advantages if you pick a paid strategy, however the totally free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add more and more features which your existing clients do not truly need or desire
include charges, limitations or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Revolut, curve and monzo 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 Card —Á—Ç–Æ —Ç—Ç–Æ
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, charge card which offer benefits and charge 0% FX costs are rare. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and just a very little FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a very basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, adds a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic invest alert via the app, if you select to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (frequently in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Fortunately in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards promises big cost 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 bank account.
What this means is you can invest money you have in your existing bank account with less stress over running out of cash and the additional step. However that does not imply it is best.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, allowing us to make profits from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, full information can be discovered on our prices strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on deals.
Each 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 Card —Á—Ç–Æ —Ç—Ç–Æ