A brand-new fintech business which I was introduced to previously this year. Currensea Features…
It has won a few awards over recent months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a typical debit card and the money is taken from your current account– just without the normal 3% charge.
Oh, and is free to obtain, which likewise assists.
There are also some intriguing travel advantages if you select a paid strategy, but the complimentary plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include increasingly more functions which your existing consumers do not truly need or desire
add limitations, charges or costs to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, curve and monzo are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Features
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
That’s it.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ 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 don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a small cost beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who needs 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 previously, a very basic process. 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 automatically confirms that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automatic invest notification through the app, if you pick to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the journal, 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 set up to leave my HSBC account a couple of days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (typically in a various language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees huge savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less worry about lacking cash and the additional step. That does not mean it is best.
In this Currensea evaluation is the excellent, the bad, the awful 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 Plan of 0.5% per deal, enabling us to make profits from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, complete information can be found on our pricing plans.
Subscription fees.
We charge an annual subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on deals.
Interchange.
Whenever you invest with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Features