A new fintech business which I was introduced to earlier this year. Currensea Uk…
It has actually won a couple of awards over recent months for what it does (providing you an inexpensive method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, 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 cash is drawn from your current account– simply without the typical 3% cost.
Oh, and is totally free to apply for, which likewise helps.
There are also some intriguing travel advantages if you choose a paid strategy, however the complimentary strategy works fine. You can use 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 free of charge or more affordable than the competition
add a growing number of features which your existing consumers do not really need or want
include charges, fees or limitations to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Uk
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (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 costs, 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 charges are few and far in between. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, a really easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank instantly verifies that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automatic invest notice via the app, if you choose to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I chose to splash 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 transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (typically in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises big cost savings (85%) and a great app.
However I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this suggests is you can invest money you have in your existing bank account with less stress over lacking money and the additional step. But that does not suggest it is best.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make income from our Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our plans, complete details can be discovered on our pricing plans.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also removes all FX markup on deals.
Every time you invest with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Uk