A new fintech company which I was introduced to previously this year. Currensea Currency Card…
It has won a couple of awards over recent months for what it does (providing you an affordable way to invest abroad) however what I like about is that it is simple 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 merely spend as you would on a normal debit card and the cash is drawn from your bank account– just without the usual 3% charge.
Oh, and is free to make an application for, which likewise helps.
There are also some fascinating travel benefits if you pick a paid plan, however the free strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or more affordable than the competition
add a growing number of features which your existing consumers do not truly desire or need
include restrictions, fees or charges to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Currency Card
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which offer a partial solution 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 charge card offering 0% FX fees and do not want to affect 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 monthly without any costs and just a very little FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated earlier, a really 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, internationally).
Your current account bank immediately verifies that you have enough 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 free card, includes a 0.5% fee. There are no costs if you have one of their paid cards.
You get an automated invest notice through the app, if you choose to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle 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 costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (frequently in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less fret about running out of cash and the extra action. That does not mean it is perfect.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make profits from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, complete information can be found on our prices strategies.
Membership fees.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership fee likewise removes all FX markup on transactions.
Interchange.
Every time you spend with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Currency Card