A brand-new fintech business which I was introduced to earlier this year. Currensea App…
It has won a couple of awards over recent months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is taken from your current account– just without the typical 3% charge.
Oh, and is complimentary to apply for, which also assists.
There are likewise some interesting travel advantages if you pick a paid strategy, but the free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
include increasingly more functions which your existing customers do not really desire or need
include limitations, charges or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea App
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, a very basic procedure. 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 instantly verifies that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic spend alert by means of the app, if you choose to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, 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 set up to leave my HSBC account a few days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (typically in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises big savings (85%) and a fantastic app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less fret about running out of money and the extra step. That does not mean it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make income from our Important Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be found on our pricing plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise removes all FX markup on transactions.
Every time you spend with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea App