A new fintech business which I was introduced to earlier this year. James Lynn Currensea…
It has won a few awards over current months for what it does (using you an inexpensive way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your present account– simply without the normal 3% charge.
Oh, and is free to get, which likewise assists.
There are also some intriguing travel advantages if you choose a paid plan, however the free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or less expensive than the competitors
include more and more features which your existing clients do not really need or want
add restrictions, charges or charges to the function 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 ideally stay there. Curve, monzo and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? James Lynn Currensea
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.
That’s it.
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 credit card offering 0% foreign exchange charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, credit cards which provide benefits and charge 0% FX fees are rare. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly 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 very little FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated previously, a very simple procedure. 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 instantly verifies that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the totally free card. There are no costs if you have among their paid cards.
You get an automatic spend alert through the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, 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 few days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (often in a various language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Luckily in the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards promises big savings (85%) and an excellent app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less stress over lacking cash and the additional action. That does not indicate it is perfect.
In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make revenue from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full information can be found on our prices plans.
Membership fees.
We charge a yearly membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on deals.
Interchange.
Whenever you spend with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. James Lynn Currensea