A new fintech business which I was introduced to earlier this year. Currensea Card Email Address…
It has actually won a couple of awards over current months for what it does (offering you an affordable way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your current account– simply without the usual 3% cost.
Oh, and is free to request, which also assists.
There are also some interesting travel advantages if you pick a paid plan, but the free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or more affordable than the competitors
include increasingly more functions which your existing consumers don’t really want or need
add charges, charges or constraints to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Email Address
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, a very simple 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 bank account bank immediately confirms that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic invest notification by means of the app, if you choose to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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 few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (frequently in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can spend cash you have in your existing bank account with less worry about running out of money and the additional action. 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 choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, 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 plans, 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 subscription charge also eliminates all FX markup on deals.
Whenever you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Email Address