A brand-new fintech business which I was introduced to earlier this year. Currensea Apple Wallet…
It has actually won a couple of awards over recent months for what it does (using you an inexpensive method to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% cost.
Oh, and is free to make an application for, which likewise helps.
There are likewise some fascinating travel advantages if you select a paid strategy, but the totally free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or more affordable than the competition
include more and more functions which your existing customers don’t really require or want
add charges, restrictions or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Monzo, revolut and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Apple Wallet
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.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit 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.
Credit cards which offer benefits and charge 0% FX charges are couple of and far between. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated previously, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank automatically confirms 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 upon the currency. If you have the totally free card, includes a 0.5% charge. There are no charges if you have one of their paid cards.
You get an automatic spend alert via the app, if you pick to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a different language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily in the last few years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards assures huge cost savings (85%) and an excellent app.
However I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing current account with less stress over lacking money and the additional step. However that does not indicate it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our strategies, complete information can be found on our prices strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on deals.
Every time you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Apple Wallet