A new fintech company which I was presented to earlier this year. Currensea Sign Up…
It has won a few awards over current months for what it does (offering you an inexpensive way to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply invest as you would on a normal debit card and the money is taken from your present account– simply without the typical 3% fee.
Oh, and is free to apply for, which likewise helps.
There are likewise some intriguing travel benefits if you select a paid strategy, but the complimentary plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or cheaper than the competition
add more and more features which your existing consumers don’t truly require or desire
add restrictions, charges or fees to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is basic 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 Sign Up
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 …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said previously, a very simple 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 current account bank immediately confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated spend notification via the app, if you pick to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged 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 daylight robbery that is almost to happen (often in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other terrific cards Currensea promises huge cost savings (85%) and a great app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less worry about lacking cash and the additional step. That does not mean it is perfect.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, permitting us to make earnings 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 totally free quantity on all our strategies, full information can be discovered on our prices strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise removes all FX markup on transactions.
Each time you invest with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Sign Up