A brand-new fintech business which I was introduced to earlier this year. Currensea Card Amazon…
It has won a few awards over recent months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. You merely spend as you would on a typical debit card and the money is taken from your current account– simply without the usual 3% cost.
Oh, and is totally free to make an application for, which also helps.
There are also some fascinating travel benefits if you pick a paid plan, but the free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add increasingly more functions which your existing clients don’t really need or want
add charges, constraints or fees to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Amazon
It is a complimentary direct debit card to use abroad and which automatically recharges 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 want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX costs are few and far in between. The only ‘points and miles’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really 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, globally).
Your current account bank immediately confirms that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automated invest alert via 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. With no 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 couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to take place (typically in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a fantastic app.
But I believe the very best bit might be what no other card does: connects to your existing high street checking account.
What this indicates is you can spend money you have in your existing current account with less fret about lacking money and the extra action. However that does not indicate it is best.
In this Currensea review is the excellent, 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 Important Strategy of 0.5% per deal, enabling us to make earnings from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, full information can be discovered on our rates plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on deals.
Every time you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Amazon