A new fintech company which I was presented to previously this year. Currensea Card Euro…
It has actually won a couple of awards over recent months for what it does (using you an inexpensive way to invest abroad) but what I like about is that it is basic 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 bank account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your bank account– simply without the normal 3% cost.
Oh, and is free to get, which also helps.
There are likewise some intriguing travel benefits 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 one thing well, and for free or cheaper than the competitors
add more and more features which your existing clients don’t truly desire or need
include charges, fees or limitations to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Euro
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
That’s it.
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 do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which offer rewards and charge 0% FX costs are rare. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and just a minimal FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, a really easy process. 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 automatically confirms that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automatic spend notice through the app, if you pick to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 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:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (often in a various language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees big cost savings (85%) and a great app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this means is you can spend money you have in your existing bank account with less worry about lacking cash and the extra action. However that does not mean it is best.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, allowing 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 usage over the complimentary amount on all our plans, full details can be discovered on our pricing plans.
Subscription costs.
We charge an annual subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on deals.
Interchange.
Every time you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Euro