A brand-new fintech company which I was introduced to earlier this year. Currensea Card Europe…
It has won a few awards over recent months for what it does (using you an inexpensive method to invest 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. 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 cash is drawn from your bank account– simply without the normal 3% charge.
Oh, and is totally free to request, which likewise assists.
There are likewise some interesting travel advantages if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include a growing number of features which your existing consumers don’t truly want or need
include charges, limitations or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Monzo, revolut and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Europe
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated previously, a very simple process. You use 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 immediately validates that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on 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 automated spend notice by means of the app, if you pick to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no 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 few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (frequently in a different language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards promises big cost savings (85%) and a great app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less fret about lacking money and the extra action. That does not mean it is best.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, allowing us to make profits from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, complete information can be discovered on our prices plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Europe