A brand-new fintech company which I was introduced to earlier this year. Currensea Explained…
It has actually won a few awards over recent months for what it does (providing you an inexpensive way to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% cost.
Oh, and is free to apply for, which also assists.
There are likewise some interesting travel benefits if you choose a paid strategy, however the free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or cheaper than the competition
add increasingly more features which your existing clients don’t actually want or require
include charges, restrictions or costs to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is easy 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 Explained
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide rewards and charge 0% FX costs are scarce. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, a really basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately validates that you have sufficient money in your account and authorises the deal.
The transaction 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% charge. There are no costs if you have among their paid cards.
You get an automated invest notice by means of the app, if you select to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 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 few days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (often in a different language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea assures big savings (85%) and a terrific 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 spend money you have in your existing bank account with less stress over lacking cash and the additional step. But that does not mean it is perfect.
In this Currensea review is the great, the bad, the ugly 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 transaction, allowing us to make earnings 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 totally free amount on all our strategies, complete information can be found on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.
Every time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Explained