A new fintech company which I was introduced to previously this year. Currensea Card App…
It has won a few awards over recent months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your present account– simply without the typical 3% charge.
Oh, and is totally free to obtain, which also helps.
There are also some intriguing travel benefits if you choose a paid plan, but the complimentary plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or cheaper than the competition
add a growing number of features which your existing customers do not truly want or require
add charges, constraints or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Monzo, revolut and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card App
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ alternatives which provide a partial solution 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 charge card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, an extremely basic 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 current account bank automatically verifies that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% charge. There are no charges if you have among their paid cards.
You get an automatic spend notice through the app, if you choose to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any 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 set up to leave my HSBC account a couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (frequently in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Don’t get me started. Anyway 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 great cards Currensea guarantees big cost savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can spend cash you have in your existing current account with less fret about running out of money and the additional action. That does not suggest it is best.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make income from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete details can be found on our rates strategies.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also removes all FX markup on transactions.
Whenever you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card App