A new fintech business which I was introduced to previously this year. Currensea Card Nz…
It has actually won a couple of awards over current months for what it does (offering you an inexpensive way to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your existing account– simply without the normal 3% fee.
Oh, and is free to get, which likewise assists.
There are also some interesting travel benefits if you choose a paid strategy, but the complimentary strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
include a growing number of functions which your existing consumers don’t actually desire or require
add charges, fees or constraints to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Nz
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 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 credit card offering 0% foreign exchange costs, then you do not require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said previously, a very basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically verifies that you have enough money in your account and authorises the deal.
The deal 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. There are no charges if you have one of their paid cards.
You get an automated invest notice by means of the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a few days later on:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (typically in a various language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards guarantees huge cost savings (85%) and a fantastic app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less worry about lacking cash and the extra action. However that does not suggest it is ideal.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make earnings 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 usage over the free quantity on all our strategies, full information can be found on our pricing plans.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise removes all FX markup on deals.
Each time you spend with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Nz