A brand-new fintech business which I was presented to previously this year. Send Direct Debits To 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 basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your current account– just without the typical 3% cost.
Oh, and is totally free to request, which also assists.
There are also some fascinating travel advantages if you choose a paid plan, but the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or less expensive than the competitors
add a growing number of functions which your existing consumers don’t truly want or need
add charges, charges or limitations to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Send Direct Debits To Currensea Card
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
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 credit card offering 0% forex costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires 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, an extremely simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically validates that you have adequate 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. adds a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automated spend notice via the app, if you select to install it.
The money is taken from your current account a few days later on.
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 set up to leave my HSBC account a few days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (typically in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Thankfully recently a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards assures huge cost savings (85%) and a great app.
But I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less stress over running out of cash and the extra step. That does not mean it is perfect.
In this Currensea evaluation 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 nominal FX markup on our Important Strategy of 0.5% per deal, allowing us to make income from our Essential Plan whilst staying 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 strategies, full details can be found on our pricing plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on transactions.
Whenever you invest with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Send Direct Debits To Currensea Card