A brand-new fintech business which I was presented to earlier this year. Currensea Card Refer A Friend…
It has won a couple of awards over recent months for what it does (providing you an affordable way to invest 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. You merely invest as you would on a regular debit card and the money is taken from your present account– simply without the normal 3% cost.
Oh, and is complimentary to obtain, which likewise assists.
There are also some intriguing travel advantages if you pick a paid strategy, however the free plan works fine. You can use 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 for free or cheaper than the competitors
include increasingly more functions which your existing clients do not actually need or desire
add fees, limitations or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Refer A Friend
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said previously, a very simple process. 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 validates that you have adequate 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 free card, adds a 0.5% cost. There are no charges if you have one of their paid cards.
You get an automatic invest notice through the app, if you pick to install it.
The cash is taken from your bank account a few days later.
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 reveals , 4.33 arranged to leave my HSBC account a few days later:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a different language) while not telling you about the expensive currency conversion costs taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures huge cost savings (85%) and a fantastic app.
But I believe the best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can spend money you have in your existing bank account with less worry about running out of cash and the additional action. However that does not mean it is best.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make earnings from our Necessary Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete details can be found on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise gets rid of all FX markup on transactions.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Refer A Friend