A brand-new fintech business which I was presented to previously this year. Currensea Standard Card Limits…
It has won a few awards over current months for what it does (providing you an affordable way to invest abroad) but what I like about is that it is easy 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 simply invest as you would on a normal debit card and the cash is taken from your current account– simply without the normal 3% fee.
Oh, and is complimentary to make an application for, which likewise assists.
There are likewise some interesting travel advantages if you pick a paid strategy, but the complimentary plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or less expensive than the competition
add increasingly more functions which your existing customers do not truly need or want
add costs, restrictions or charges to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Standard Card Limits
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
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 charge card offering 0% forex fees, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs 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 charge card particularly to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated earlier, a very simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank automatically validates that you have sufficient money in your account and authorises the deal.
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 complimentary card. There are no charges if you have among their paid cards.
You get an automatic invest alert via the app, if you select to install it.
The money is taken from your bank account a few 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 shows , 4.33 set up to leave my HSBC account a few days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (typically in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Luckily in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards promises huge cost savings (85%) and an excellent app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less worry about running out of money and the extra action. But that does not mean it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, permitting us to make revenue from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, full details can be discovered on our rates plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also removes all FX markup on transactions.
Every time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Standard Card Limits