A brand-new fintech company which I was presented to previously this year. Currensea Share Price…
It has won a few awards over recent months for what it does (using you an affordable way to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a typical debit card and the money is taken from your current account– just without the typical 3% fee.
Oh, and is complimentary to make an application for, which also helps.
There are likewise some fascinating travel benefits if you select a paid plan, but the complimentary plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or more affordable than the competitors
add more and more functions which your existing customers do not actually need or want
add charges, charges or limitations to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Monzo, revolut and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Share Price
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing current 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 want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX costs are few and far in between. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically confirms that you have adequate cash in your account and authorises the transaction.
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 totally free card. If you have one of their paid cards, there are no charges.
You get an automated invest alert through 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. With no foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (typically in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards promises big savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can spend money you have in your existing current account with less fret about running out of money and the additional step. That does not mean it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly 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 Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, complete information can be found on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Share Price