A brand-new fintech company which I was presented to earlier this year. Currensea Card Credit…
It has actually won a couple of awards over recent months for what it does (using you an inexpensive way to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is drawn from your current account– just without the normal 3% fee.
Oh, and is totally free to request, which also helps.
There are also some intriguing travel advantages if you select a paid plan, but the totally free plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or more affordable than the competitors
include a growing number of functions which your existing clients don’t really need or desire
include constraints, charges or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Stage 3 …
is easy 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 Card Credit
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% 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% foreign exchange costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a minimal FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said earlier, a really easy procedure. 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 current account bank immediately validates that you have enough 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% charge if you have the free card. There are no costs if you have among their paid cards.
You get an automatic invest alert by means of the app, if you pick to install it.
The cash is taken from your current account a couple of days later.
Here is an example. Without any 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 reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (frequently in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can invest money you have in your existing current account with less stress over running out of cash and the additional step. But that does not indicate it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, enabling us to make revenue from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our plans, complete details can be discovered on our rates plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on deals.
Whenever you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Credit