A new fintech business which I was presented to previously this year. Who Owns Currensea…
It has actually won a few awards over recent months for what it does (using you a low-priced way to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your present account– just without the usual 3% charge.
Oh, and is complimentary to make an application for, which also helps.
There are also some intriguing travel advantages if you pick a paid plan, however the complimentary plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competitors
include increasingly more features which your existing consumers do not actually need or want
include charges, charges or restrictions to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Who Owns Currensea
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
That’s it.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees 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 an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated earlier, a very easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank automatically confirms that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated invest notice via the app, if you select to install it.
The cash is drawn from your current account a few days later.
Here is an example. With no foreign travel in the journal, I decided to splash 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 couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (often in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Luckily recently a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards promises huge cost savings (85%) and an excellent 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 suggests is you can invest money you have in your existing current account with less worry about running out of money and the extra action. However that does not suggest it is perfect.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, allowing us to make income from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, full information can be discovered on our pricing strategies.
Subscription charges.
We charge an annual subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on deals.
Interchange.
Whenever you spend with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Who Owns Currensea