A new fintech company which I was presented to earlier this year. Currensea Or Starling…
It has actually won a couple of awards over recent months for what it does (using you an affordable way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, 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 spend as you would on a regular debit card and the cash is taken from your bank account– simply without the usual 3% fee.
Oh, and is totally free to make an application for, which likewise helps.
There are also some intriguing travel benefits if you select a paid strategy, but the complimentary strategy works fine. You can use here.
There is an organization design 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 competitors
add more and more functions which your existing customers do not really require or desire
include costs, limitations or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are currently 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 Or Starling
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which provide a partial option 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 charges and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said previously, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately confirms that you have adequate cash 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 free card, adds a 0.5% cost. There are no fees if you have among their paid cards.
You get an automated invest alert by means of the app, if you select to install it.
The money is taken from your bank 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 couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (often in a various language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other great cards Currensea promises big savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: links to your existing high street checking account.
What this means is you can spend cash you have in your existing current account with less stress over running out of cash and the additional action. That does not indicate it is best.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, enabling us to make profits from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, 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 Strategy. The membership fee likewise eliminates all FX markup on deals.
Each time you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Or Starling