A brand-new fintech business which I was presented to previously this year. Currensea Premium…
It has actually won a few awards over recent months for what it does (offering you an affordable method 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 existing account– just without the normal 3% cost.
Oh, and is free to look for, which likewise helps.
There are likewise some intriguing travel benefits if you select a paid strategy, however the free plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or cheaper than the competition
add more and more functions which your existing clients don’t truly require or desire
add constraints, charges or costs to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Monzo, curve and revolut are already in Stage 3 …
is basic 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 Premium
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ 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 don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, a very easy 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 confirms that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic invest notice through the app, if you select to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 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 couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (frequently in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Luckily in recent years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards assures big savings (85%) and a fantastic app.
But I think 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 stress over lacking cash and the extra action. That does not suggest it is ideal.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, permitting us to make revenue from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, complete details can be discovered on our prices strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on deals.
Whenever you spend with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Premium