A brand-new fintech business which I was presented to earlier this year. Currensea Bank Card…
It has won a couple of awards over recent months for what it does (using you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your present account– simply without the usual 3% cost.
Oh, and is free to apply for, which likewise helps.
There are also some interesting travel advantages if you select a paid strategy, but the totally free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include more and more features which your existing consumers do not actually require or desire
add charges, restrictions or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Phase 3 …
is basic 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? Currensea Bank Card
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 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% forex fees, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, charge card which use rewards and charge 0% FX fees are rare. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said earlier, a very 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, internationally).
Your bank account bank automatically validates that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated spend notification via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (frequently in a various language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less stress over running out of cash and the additional step. That does not suggest 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 nominal FX markup on our Necessary Plan of 0.5% per deal, allowing us to make revenue from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, complete details can be discovered on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on deals.
Each time you invest with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Bank Card