A new fintech company which I was presented to previously this year. Currensea Exchange Rate…
It has actually won a few awards over recent months for what it does (providing you an affordable way to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. You just invest as you would on a typical debit card and the money is taken from your current account– just without the usual 3% fee.
Oh, and is complimentary to request, which also helps.
There are likewise some interesting travel advantages if you choose a paid strategy, but the totally free strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add a growing number of functions which your existing consumers don’t truly need or want
add limitations, charges or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Exchange Rate
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX costs are couple of and far between. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely 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, globally).
Your current account bank immediately verifies that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated invest notification by means of the app, if you choose to install it.
The cash 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 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 couple of days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (often in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully recently a handful of terrific travel debit cards have popped onto the scene … and like other great cards guarantees huge cost savings (85%) and a great app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest money you have in your existing current account with less fret about running out of money and the extra step. That does not mean it is best.
In this Currensea review is the great, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, allowing us to make revenue 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 use over the complimentary amount on all our plans, full information can be found on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee likewise removes all FX markup on deals.
Each time you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Exchange Rate