A new fintech company which I was presented to previously this year. Currensea Card Tips…
It has actually won a few awards over current months for what it does (using you a low-priced method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the money is drawn from your bank account– just without the usual 3% charge.
Oh, and is totally free to get, which likewise helps.
There are also some interesting travel benefits if you pick a paid strategy, but the totally free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
include more and more functions which your existing customers do not actually require or desire
add limitations, fees or charges 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 remain there. Revolut, monzo and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Tips
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
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 checking out now.
Credit cards which provide benefits and charge 0% FX charges are few and far in between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated previously, a very easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank instantly validates that you have adequate 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 complimentary card, adds a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automated invest alert via the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often in a different language) while not telling you about the exorbitant currency conversion fees taking place in the background. Do not get me started. Anyway 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 assures huge cost savings (85%) and a terrific app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less fret about running out of cash and the extra action. But that does not imply it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make income from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete details can be found on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise gets rid of all FX markup on transactions.
Whenever 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 Tips