A new fintech company which I was introduced to previously this year. Currensea Uk…
It has actually won a few awards over recent months for what it does (providing you a low-cost method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the money is taken from your current account– just without the typical 3% charge.
Oh, and is complimentary to obtain, which also helps.
There are also some interesting travel advantages if you choose a paid strategy, however the totally free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competition
add a growing number of features which your existing consumers do not truly require or want
include constraints, charges or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Uk
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX charges are few and far in 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 potentially 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 enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, a very 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 bank account bank immediately confirms 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 free card, includes a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automatic invest notice through the app, if you select to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (typically in a various language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other terrific cards Currensea assures huge savings (85%) and a terrific app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less stress over running out of cash and the additional action. But that does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, permitting us to make earnings from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, full details can be discovered on our pricing strategies.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on transactions.
Whenever you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Uk