A brand-new fintech business which I was introduced to earlier this year. Currensea Singapore Airlines…
It has won a few awards over current months for what it does (using you a low-cost method to spend abroad) however 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 between you and your existing bank account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is taken from your bank account– just without the typical 3% fee.
Oh, and is totally free to obtain, which also helps.
There are also some intriguing travel advantages if you choose 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 etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include more and more features which your existing customers don’t truly require or want
add fees, restrictions or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are already in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Singapore Airlines
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, charge card which use benefits and charge 0% FX fees are rare. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a really 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, internationally).
Your bank account bank instantly confirms that you have enough 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. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated spend notice via the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 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 few days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (frequently in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards Currensea assures big savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this indicates is you can invest money you have in your existing bank account with less worry about running out of cash and the additional action. However that does not mean it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, enabling us to make earnings from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete information can be discovered on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.
Each time you invest with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Singapore Airlines