A new fintech company which I was presented to earlier this year. Currensea Forex Card…
It has won a couple of awards over current months for what it does (using you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, effectively, 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 simply spend as you would on a regular debit card and the money is taken from your bank account– just without the usual 3% cost.
Oh, and is totally free to get, which also helps.
There are also some interesting travel advantages if you pick a paid strategy, however the totally free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or cheaper than the competitors
add a growing number of features which your existing clients don’t truly want or require
include charges, fees or constraints to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Forex Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
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% forex costs, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I stated earlier, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically confirms 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 on the currency. If you have the complimentary card, adds a 0.5% cost. There are no charges if you have among their paid cards.
You get an automatic spend notice via the app, if you choose to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 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 on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (typically in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards guarantees big savings (85%) and a fantastic 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 cash you have in your existing current account with less stress over running out of cash and the additional action. However that does not suggest it is ideal.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, permitting us to make profits from our Important Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full details can be discovered on our prices strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also eliminates all FX markup on transactions.
Whenever you invest with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Forex Card