A brand-new fintech business which I was presented to previously this year. Currensea Currency Card…
It has won a few awards over recent months for what it does (using you an inexpensive way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is taken from your current account– just without the typical 3% cost.
Oh, and is free to make an application for, which also helps.
There are likewise some interesting travel benefits if you select a paid strategy, however the complimentary strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add more and more functions which your existing consumers don’t truly need or desire
include limitations, fees or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Monzo, curve and revolut are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Currency Card
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make 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 charges, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said earlier, a very basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly validates that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the free card. There are no costs if you have one of their paid cards.
You get an automatic spend notice through the app, if you select 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 sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (typically in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards assures big savings (85%) and a great app.
However I think the very best bit might be what no other card does: links to your existing high street savings account.
What this means is you can invest cash you have in your existing current account with less fret about running out of cash and the extra step. That does not indicate it is best.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make income from our Important Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, full details can be found on our prices strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also removes all FX markup on transactions.
Whenever you invest with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Currency Card