A brand-new fintech company which I was presented to previously this year. Currensea Vs Curve…
It has actually won a few awards over recent months for what it does (using you an inexpensive method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the money is taken from your bank account– simply without the typical 3% charge.
Oh, and is free to make an application for, which likewise assists.
There are likewise some intriguing travel advantages if you choose a paid strategy, however the complimentary plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
include more and more functions which your existing consumers do not actually require or want
include fees, constraints or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Vs Curve
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a very easy procedure. You use 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 instantly verifies that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated invest notification via the app, if you choose to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no 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 scheduled to leave my HSBC account a few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to occur (frequently in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards promises big cost savings (85%) and a fantastic app.
But I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest money you have in your existing bank account with less stress over running out of cash and the extra action. That does not mean it is best.
In this Currensea review is the good, 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 small FX markup on our Important Plan of 0.5% per transaction, permitting us to make earnings from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, complete details can be found on our rates strategies.
Membership costs.
We charge an annual membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on deals.
Interchange.
Whenever you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Vs Curve