A new fintech business which I was presented to earlier this year. Currensea Card Fees…
It has won a couple of awards over recent months for what it does (offering you a low-cost way to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a regular debit card and the money is taken from your bank account– simply without the normal 3% cost.
Oh, and is free to get, which also helps.
There are also some intriguing travel benefits if you pick a paid strategy, but the free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or less expensive than the competition
add increasingly more functions which your existing clients do not really require or want
include restrictions, charges or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Fees
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX costs are couple of and far between. The only ‘points and miles’ alternatives which provide 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 credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, a very simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank automatically verifies that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% cost. There are no fees if you have one of their paid cards.
You get an automated invest alert through the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 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 couple of days later:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (typically in a different language) while not telling you about the exorbitant currency conversion fees 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 fantastic cards Currensea promises big cost savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can invest cash you have in your existing current account with less fret about running out of cash and the additional step. However that does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, allowing us to make profits from our Important Strategy 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 totally free amount on all our plans, complete information can be discovered on our prices plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also removes all FX markup on transactions.
Each time you spend with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Fees