A new fintech company which I was introduced to previously this year. Currensea Standard Card Charges…
It has actually won a few awards over recent months for what it does (providing you a low-cost way to invest abroad) however what I like about is that it is basic 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 normal debit card and the money is drawn from your current account– simply without the normal 3% charge.
Oh, and is free to request, which likewise helps.
There are also some intriguing travel benefits if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or more affordable than the competitors
add a growing number of features which your existing consumers do not really require or want
include limitations, charges or fees 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 stay there. Revolut, curve and monzo are already in Phase 3 …
is basic 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 Standard Card Charges
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
That’s it.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not want to affect 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 per month with no costs and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated previously, a very simple procedure. 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 current account bank automatically confirms that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automated invest notice by means of the app, if you select 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 journal, I chose 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 few days later on:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to occur (frequently in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Fortunately in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards promises huge savings (85%) and a great app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank 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 great, the bad, the awful and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, allowing us to make profits from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, full information can be found on our rates plans.
Subscription fees.
We charge a yearly subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on deals.
Interchange.
Whenever you spend with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Standard Card Charges