A new fintech company which I was presented to previously this year. Currensea Fees…
It has won a couple of awards over current 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, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a typical debit card and the cash is drawn from your bank account– just without the usual 3% cost.
Oh, and is totally free to get, which also assists.
There are also some fascinating travel advantages if you choose a paid plan, however the complimentary strategy 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 free of charge or cheaper than the competition
include increasingly more functions which your existing consumers don’t really need or desire
add restrictions, fees or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Fees
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated previously, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank instantly verifies that you have enough money in your account and authorises the deal.
The transaction 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 notice through the app, if you select to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (frequently in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Fortunately recently a handful of excellent travel debit cards have popped onto the scene … and like other great cards guarantees big cost savings (85%) and a fantastic app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing current account with less worry about running out of cash and the additional step. That does not imply it is ideal.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make profits from our Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full details can be discovered on our prices plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also gets rid of all FX markup on transactions.
Whenever you spend with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Fees