A brand-new fintech company which I was introduced to earlier this year. Currensea Office…
It has won a few awards over current months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, 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 merely spend as you would on a typical debit card and the cash is taken from your bank account– just without the typical 3% fee.
Oh, and is totally free to get, which also assists.
There are likewise some fascinating travel benefits if you pick a paid plan, but the totally free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
include a growing number of features which your existing clients do not really require or want
add restrictions, charges or costs to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, monzo and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Office
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, charge card which use benefits and charge 0% FX fees are rare. The only ‘points and miles’ options which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges 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 particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does operate 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 local currency (any currency, globally).
Your current account bank automatically confirms that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the complimentary card. There are no costs if you have one of their paid cards.
You get an automatic spend alert by means of the app, if you choose to install it.
The cash is drawn from your bank account a few days later.
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 shows , 4.33 arranged to leave my HSBC account a few days later on:.
However 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 (often in a various language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures huge cost savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less stress over running out of cash and the additional action. However that does not suggest it is best.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make revenue from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full details can be discovered on our pricing strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise removes all FX markup on transactions.
Every time you invest with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Office