A brand-new fintech company which I was introduced to earlier this year. Currensea Rates…
It has won a few awards over current months for what it does (providing you a low-priced way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a normal debit card and the cash is taken from your bank account– just without the normal 3% fee.
Oh, and is free to look for, which also assists.
There are also some intriguing travel advantages if you pick a paid strategy, however the totally free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competition
add a growing number of functions which your existing customers do not truly need or desire
add fees, charges or restrictions to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Rates
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
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 charge card offering 0% forex costs, then you don’t 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 in between. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a very little 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 requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely easy process. You utilize 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 enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated invest notification via the app, if you select to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I decided 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 on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (frequently in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of great travel debit cards have popped onto the scene … and like other great cards guarantees big cost savings (85%) and an excellent app.
However I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can invest money you have in your existing bank account with less worry about lacking money and the extra step. That does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make income from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, complete 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 fee likewise eliminates all FX markup on deals.
Each time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Rates