A new fintech business which I was introduced to earlier this year. Currensea Offers…
It has actually won a couple of awards over recent months for what it does (providing you an inexpensive way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your present account– just without the usual 3% cost.
Oh, and is totally free to request, which likewise assists.
There are also some interesting travel benefits if you choose a paid strategy, however the totally free strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competition
add more and more functions which your existing consumers don’t truly require or want
include limitations, costs or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Offers
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline 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 desire totally free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX costs are couple of and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a minimal 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 a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, a very simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically verifies that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% cost. There are no charges if you have among their paid cards.
You get an automated spend notification via 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 journal, I decided to splash out and purchase 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 daylight burglary that is practically to occur (often in a various language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Fortunately over the last few years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards promises huge savings (85%) and a fantastic app.
However I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this means is you can invest money 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 perfect.
In this Currensea review is the great, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, enabling us to make income from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, full information can be discovered on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also removes all FX markup on deals.
Every time you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Offers