A new fintech business which I was introduced to previously this year. Currensea Premium Card…
It has won a couple of awards over recent months for what it does (using you a low-priced method to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a normal debit card and the cash is taken from your current account– simply without the usual 3% fee.
Oh, and is free to obtain, which also assists.
There are also some intriguing travel advantages if you select a paid strategy, but the complimentary plan works fine. You can use here.
There is a business design 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 competition
add more and more functions which your existing consumers do not actually need or want
add constraints, charges or fees to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Premium Card
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide rewards and charge 0% FX fees are rare. The only ‘points and miles’ options which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no costs and just a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically validates that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automatic invest notification through the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no 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 scheduled to leave my HSBC account a few days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (frequently in a various language) while not telling you about the expensive currency conversion fees taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Luckily in the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards guarantees huge savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less fret about running out of money and the extra step. That does not suggest it is ideal.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make profits from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our plans, full information can be discovered on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on transactions.
Every time you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Premium Card