A new fintech company which I was presented to previously this year. Is Currensea Any Good…
It has won a few awards over current months for what it does (providing you an inexpensive method to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your existing account– simply without the typical 3% charge.
Oh, and is totally free to make an application for, which also helps.
There are likewise some fascinating travel benefits if you pick a paid strategy, but the complimentary strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competition
add increasingly more functions which your existing customers don’t really require or want
include fees, charges or limitations to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Revolut, curve and monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Any Good
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
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 charges, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank instantly validates that you have sufficient 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 totally free card, includes a 0.5% fee. There are no costs if you have among their paid cards.
You get an automatic invest notification by means of the app, if you pick to install it.
The cash is taken from your current 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 set up to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (typically in a different language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In current 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 fantastic 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 current account with less stress over running out of cash and the extra step. That does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make revenue from our Essential Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, complete details can be found on our rates plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on transactions.
Every time you invest with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Is Currensea Any Good