A new fintech company which I was introduced to previously this year. Currensea Help…
It has won a couple of awards over recent months for what it does (using you an affordable method to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply spend as you would on a normal debit card and the money is drawn from your bank account– just without the typical 3% cost.
Oh, and is totally free to apply for, which likewise assists.
There are also some intriguing travel benefits if you pick a paid strategy, however the totally free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
add more and more functions which your existing clients do not really require or desire
include restrictions, fees or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are currently in Stage 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 Help
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (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% forex costs, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer benefits and charge 0% FX fees are rare. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals per 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 anyone else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely easy process. You utilize 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 immediately verifies that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% cost. There are no costs if you have among their paid cards.
You get an automatic invest notice by means of the app, if you select to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle 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 few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (often in a different 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 anyway.
Luckily recently a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards promises huge savings (85%) and an excellent app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less stress over running out of money and the additional step. However that does not suggest it is best.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make revenue from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, complete details can be found on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise removes all FX markup on deals.
Each time you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. Currensea Help