A brand-new fintech company which I was presented to previously this year. Currensea Reviews…
It has won a few awards over current months for what it does (offering you a low-cost way to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the money is drawn from your current account– simply without the usual 3% charge.
Oh, and is free to obtain, which likewise assists.
There are also some intriguing travel advantages if you choose a paid plan, however the totally 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 a growing number of features which your existing customers do not really desire or require
add restrictions, costs or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Reviews
It is a totally free direct debit card to use abroad and which automatically 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 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 charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank immediately confirms that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic invest notification by means of the app, if you select to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no 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 scheduled to leave my HSBC account a couple of days later:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (often in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Thankfully in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards promises huge cost savings (85%) and a terrific app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less fret about lacking cash and the extra step. However that does not suggest it is perfect.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make revenue from our Necessary 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 free amount on all our strategies, complete information can be discovered on our prices strategies.
Subscription costs.
We charge an annual membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription fee likewise gets rid of all FX markup on transactions.
Interchange.
Every time you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Reviews