A brand-new fintech business which I was presented to earlier this year. Currensea Travel Money Card…
It has actually won a couple of awards over recent months for what it does (providing you a low-priced method to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the money is taken from your current account– simply without the typical 3% cost.
Oh, and is free to look for, which likewise helps.
There are likewise some intriguing travel advantages if you pick a paid strategy, but the totally free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add increasingly more features which your existing clients don’t truly desire or require
add charges, charges or restrictions 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 procedure and will ideally remain there. Monzo, curve and revolut 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 Travel Money Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide rewards and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a little cost beyond , 500).
you want 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 money when travelling.
How does operate in practice?
It is, as I stated previously, 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, globally).
Your bank account bank immediately verifies 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. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic invest notification through the app, if you choose to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, 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 scheduled to leave my HSBC account a few days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (often in a various language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other great cards Currensea assures huge savings (85%) and a great app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less worry about running out of money and the additional step. However 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.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, permitting us to make profits from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, complete details can be discovered on our prices strategies.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost also gets rid of all FX markup on deals.
Whenever you spend with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Travel Money Card