A brand-new fintech business which I was presented to earlier this year. Is Currensea Legit…
It has actually won a few awards over current months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your current account– simply without the typical 3% fee.
Oh, and is complimentary to request, which likewise helps.
There are also some fascinating travel advantages if you select a paid strategy, but the totally free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
include increasingly more features which your existing customers do not truly need or want
include charges, costs or constraints to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Monzo, curve and revolut are already in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Legit
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are couple of and far between. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, an extremely simple procedure. 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 instantly verifies that you have adequate cash 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 complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic spend alert through the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, 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 arranged to leave my HSBC account a couple of days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (often in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Fortunately over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and an excellent app.
I believe the finest 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 bank account with less fret about running out of money and the additional action. But that does not indicate it is best.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make income from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, complete details can be found on our prices plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on deals.
Each time you invest with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Is Currensea Legit