A new fintech business which I was presented to previously this year. Currensea Card Box…
It has actually 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, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is drawn from your bank account– just without the typical 3% fee.
Oh, and is free to obtain, which also helps.
There are also some intriguing travel advantages if you select a paid plan, however the complimentary strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or cheaper than the competitors
include increasingly more features which your existing clients don’t really want or require
include charges, charges or restrictions to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, curve and monzo are already in Phase 3 …
is simple 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? Currensea Card Box
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, credit cards which offer rewards and charge 0% FX costs are scarce. The only ‘miles and points’ options which provide a partial option 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 wish to impact your credit report by getting another credit card specifically to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a small cost beyond �,� 500).
you desire 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 save them money when travelling.
How does work in practice?
It is, as I said previously, a really 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, globally).
Your bank account bank automatically verifies that you have adequate 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. includes a 0.5% cost if you have the totally free card. There are no charges if you have among their paid cards.
You get an automatic invest notification by means of the app, if you select to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, 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:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (frequently in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Thankfully recently a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards guarantees big savings (85%) and a great app.
However I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing current account with less fret about running out of money and the additional step. But that does not imply it is best.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, enabling us to make income from our Important Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our strategies, complete information can be found on our prices strategies.
Membership charges.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription fee likewise removes all FX markup on deals.
Interchange.
Each time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Box