A brand-new fintech business which I was presented to previously this year. Currensea Card Exchange Rates…
It has actually won a few awards over current months for what it does (using you an affordable way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your current account– simply without the normal 3% cost.
Oh, and is complimentary to request, which likewise helps.
There are likewise some interesting travel advantages if you pick a paid plan, but 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 free of charge or more affordable than the competitors
add more and more functions which your existing clients don’t actually require or desire
add limitations, charges or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, revolut and curve are already in Stage 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 Exchange Rates
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.
That’s it.
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 don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide rewards and charge 0% FX fees are rare. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I said earlier, a very 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, globally).
Your current account bank immediately validates 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. includes 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 notice through the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 arranged to leave my HSBC account a few days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (typically in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other great cards Currensea assures huge savings (85%) and a great app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less fret about running out of cash and the extra action. That does not suggest it is perfect.
In this Currensea review is the great, the bad, the awful and the options, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make profits from our Essential Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete information can be found on our pricing plans.
Subscription charges.
We charge a yearly subscription charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership fee also eliminates all FX markup on deals.
Interchange.
Every time you invest with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Exchange Rates