A brand-new fintech business which I was introduced to previously this year. Issues With Currensea Card…
It has won a couple of awards over current months for what it does (offering you a low-priced method to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your existing account– just without the typical 3% charge.
Oh, and is complimentary to make an application for, which likewise helps.
There are also some intriguing travel benefits if you pick a paid plan, but the free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
include a growing number of features which your existing clients don’t really need or want
add limitations, charges or costs to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Monzo, revolut and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Issues With Currensea Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX costs are few and far in between. The only ‘points and miles’ options which provide 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 fees and do not want to impact your credit report by getting another charge card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult kids, parents, 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 said earlier, an extremely easy process. 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 automatically verifies that you have sufficient 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. includes a 0.5% fee if you have the free card. There are no fees if you have one of their paid cards.
You get an automated invest notice via the app, if you select to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided 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 expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost 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. Anyhow back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big cost savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less worry about lacking cash and the additional action. That does not imply 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 Important Strategy of 0.5% per deal, allowing us to make revenue from our Necessary Strategy 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 amount on all our plans, full information can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also removes all FX markup on deals.
Each time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Issues With Currensea Card