A new fintech company which I was presented to previously this year. Currensea Cash Withdrawal…
It has actually won a couple of awards over current months for what it does (offering you a low-cost way 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 current account. There is nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is taken from your bank account– just without the typical 3% cost.
Oh, and is free to get, which likewise assists.
There are likewise some fascinating travel benefits if you pick a paid plan, but the complimentary strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include a growing number of features which your existing clients don’t really desire or require
include costs, charges or constraints to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Cash Withdrawal
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, charge card which offer benefits and charge 0% FX charges are scarce. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly verifies that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automatic invest alert 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. Without any 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 reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to happen (frequently in a various language) while not telling you about the expensive currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less worry about running out of cash and the additional action. However that does not mean it is best.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Necessary Plan whilst remaining much cheaper 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, full details can be discovered on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on deals.
Every time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Cash Withdrawal