A new fintech company which I was presented to previously this year. What Is Currensea…
It has won a few awards over recent months for what it does (providing you an inexpensive method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your present account– just without the usual 3% cost.
Oh, and is complimentary to apply for, which likewise helps.
There are also some fascinating travel benefits if you pick a paid strategy, but the free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
add more and more features which your existing consumers do not truly want or require
add limitations, fees or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Monzo, curve and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? What Is Currensea
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX charges are rare. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, an extremely simple procedure. 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 instantly verifies that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. There are no fees if you have one of their paid cards.
You get an automatic spend alert through the app, if you choose to install it.
The cash is drawn from your current account a few days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (typically in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Don’t get me began. Anyhow 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 great cards Currensea guarantees big savings (85%) and an excellent app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less fret about running out of cash and the extra action. But that does not mean it is best.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make profits from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, complete information can be found on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise eliminates all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. What Is Currensea