A brand-new fintech company which I was introduced to previously this year. Currensea Unfreeze Card…
It has won a few awards over current months for what it does (providing you a low-priced 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 current account. There is nothing to top-up or prepay. You merely spend as you would on a typical debit card and the cash is taken from your current account– just without the typical 3% cost.
Oh, and is free to look for, which likewise assists.
There are likewise some fascinating travel benefits if you select a paid strategy, but the totally free 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 totally free or more affordable than the competition
include increasingly more features which your existing clients don’t actually want or need
include charges, charges or restrictions to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Unfreeze Card
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 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% foreign exchange costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges 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 specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly verifies that you have adequate 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. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic invest notification by means of the app, if you select to install it.
The cash is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (often in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Thankfully recently a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards promises huge cost savings (85%) and a terrific app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less fret about running out of money and the additional step. That does not suggest it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, allowing us to make profits from our Necessary 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 details can be discovered on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also gets rid of all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Unfreeze Card