A new fintech company which I was introduced to earlier this year. Currensea Address…
It has won a couple of awards over recent months for what it does (using 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, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the cash is drawn from your bank account– just without the normal 3% fee.
Oh, and is totally free to obtain, which likewise helps.
There are likewise some intriguing travel benefits if you pick a paid strategy, but the complimentary plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or more affordable than the competition
add increasingly more functions which your existing consumers don’t truly want or need
add charges, charges or restrictions to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Curve, monzo and revolut are currently 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? Currensea Address
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (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 require 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 in between. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said earlier, a really simple process. 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 validates that you have adequate cash in your account and authorises the deal.
The deal 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% fee. There are no fees if you have among their paid cards.
You get an automatic invest alert by means of the app, if you choose to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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 few days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (often in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Luckily recently a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards assures big savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest cash you have in your existing bank account with less stress over lacking money and the additional action. That does not imply it is perfect.
In this Currensea review is the excellent, the bad, the unsightly 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 Plan of 0.5% per deal, permitting us to make earnings from our Vital Plan whilst staying more affordable than other prepaid 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 information can be discovered on our rates strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on deals.
Whenever you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Address