A new fintech company which I was introduced to previously this year. Currensea Overdraft…
It has won a couple of awards over current months for what it does (offering you an inexpensive method to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely spend as you would on a typical debit card and the cash is taken from your present account– simply without the normal 3% fee.
Oh, and is totally free to make an application for, which likewise helps.
There are also some fascinating travel advantages if you pick a paid strategy, however the free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
add a growing number of functions which your existing clients do not really require or desire
include charges, fees or limitations to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are already in Stage 3 …
is easy 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 Overdraft
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX fees are couple of and far between. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult children, 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 really basic procedure. You use 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 confirms that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% cost. There are no charges if you have one of their paid cards.
You get an automated invest alert by means of the app, if you select to install it.
The cash is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the journal, 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 few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (often in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees huge cost savings (85%) and a fantastic app.
However I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend cash you have in your existing bank account with less worry about lacking cash and the extra action. However that does not mean it is best.
In this Currensea evaluation is the great, 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 Necessary Strategy of 0.5% per transaction, permitting us to make earnings from our Important 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 strategies, full details can be discovered on our pricing plans.
Membership costs.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on deals.
Interchange.
Whenever you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Overdraft