A new fintech company which I was introduced to previously this year. Currensea Promo…
It has actually won a few awards over current months for what it does (using you an affordable way to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your current account– simply without the normal 3% cost.
Oh, and is totally free to request, which also helps.
There are likewise some fascinating travel advantages if you pick a paid strategy, but the free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or cheaper than the competition
add a growing number of features which your existing customers do not actually need or desire
include limitations, fees or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Promo
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which use 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 charge card specifically 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 fee beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely 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, globally).
Your current account bank automatically validates that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% cost. There are no costs if you have among their paid cards.
You get an automatic invest notification via the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, 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 set up to leave my HSBC account a few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Thankfully over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards promises huge 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 savings account.
What this suggests is you can spend money you have in your existing current account with less stress over lacking money and the additional action. But that does not suggest it is best.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make profits from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be found on our rates strategies.
Subscription charges.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Interchange.
Each time you spend with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Promo