A brand-new fintech company which I was introduced to earlier this year. Currensea Card Currency Exchange…
It has won a few awards over recent months for what it does (using 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 merely invest as you would on a regular debit card and the cash is taken from your existing account– simply without the usual 3% fee.
Oh, and is free to request, which likewise helps.
There are likewise some intriguing travel benefits if you select a paid strategy, however the complimentary plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competition
add a growing number of functions which your existing customers do not actually need or want
include constraints, charges or costs to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally 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 bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Currency Exchange
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
That’s it.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated earlier, 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, worldwide).
Your current account bank immediately confirms that you have enough money 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 totally free card, includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated invest notice via the app, if you select to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose 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 couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (frequently in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Luckily over the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards promises big cost savings (85%) and a great app.
I believe the finest bit may 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 lacking cash and the extra action. That does not suggest it is best.
In this Currensea evaluation is the good, the bad, the ugly 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 Important Strategy of 0.5% per transaction, allowing us to make revenue from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, complete information can be discovered on our prices plans.
Subscription costs.
We charge an annual membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership cost also removes all FX markup on transactions.
Interchange.
Each time you invest with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Currency Exchange