A new fintech company which I was introduced to previously this year. Currensea Sign Up…
It has actually won a few awards over current months for what it does (offering you a low-priced method to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply invest as you would on a regular debit card and the money is taken from your present account– just without the typical 3% fee.
Oh, and is totally free to look for, which also helps.
There are also some intriguing travel advantages if you select a paid plan, but the totally free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add more and more functions which your existing clients do not actually want or need
add restrictions, costs or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is easy 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 Sign Up
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 small 0.5% fee.
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 charge card offering 0% foreign exchange fees, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX charges are rare. 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 do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly validates that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated invest alert through the app, if you pick to install it.
The money is drawn from your current account a few 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 set up to leave my HSBC account a few days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (often in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and an excellent app.
However I believe the very best bit might be what no other card does: links to your existing high street savings account.
What this means is you can spend money you have in your existing current account with less worry about running out of cash and the additional action. But that does not imply it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make earnings from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, complete information can be discovered on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on transactions.
Whenever you invest with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Sign Up