A new fintech company which I was introduced to earlier this year. Currensea Support…
It has won a couple of awards over current months for what it does (offering you an inexpensive 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 invest as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% fee.
Oh, and is totally free to get, which also helps.
There are likewise some intriguing travel advantages if you select a paid strategy, however the totally free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
include more and more functions which your existing consumers don’t actually need or desire
add limitations, costs or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Support
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) earn 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 need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide rewards and charge 0% FX fees are scarce. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire a product 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 taking a trip.
How does work in practice?
It is, as I said earlier, a really basic process. You use 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 immediately validates that you have sufficient money 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. If you have one of their paid cards, there are no costs.
You get an automatic invest notification by means of the app, if you choose to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 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 few days later on:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (often in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and a great app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less worry about running out of cash and the extra step. However that does not indicate it is best.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, permitting us to make revenue from our Vital Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, complete details can be discovered on our pricing plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also gets rid of all FX markup on deals.
Whenever you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Support