A new fintech company which I was introduced to earlier this year. Currensea Vs Chase…
It has actually won a few awards over recent months for what it does (offering you an affordable way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% fee.
Oh, and is free to request, which likewise helps.
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 an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
include a growing number of features which your existing clients don’t actually want or require
add charges, restrictions or costs to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Phase 3 …
is basic 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 Vs Chase
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX costs are couple of and far between. The only ‘miles and points’ choices which provide a partial solution 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 credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.
How does operate 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, globally).
Your current account bank automatically verifies 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 free card. There are no costs if you have one of their paid cards.
You get an automated invest notification through 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 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 scheduled 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 daylight break-in that is practically to occur (often in a different language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this indicates is you can spend cash you have in your existing current account with less stress over lacking cash and the extra action. However that does not mean it is ideal.
In this Currensea review is the great, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make profits from our Necessary Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete details can be discovered on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost also removes all FX markup on deals.
Each time you spend with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. Currensea Vs Chase