A new fintech company which I was introduced to previously this year. Currensea Card Register…
It has actually won a few awards over current months for what it does (offering you an inexpensive way to invest abroad) however 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 current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is drawn from your current account– simply without the normal 3% fee.
Oh, and is free to get, which likewise assists.
There are also some interesting travel advantages if you select a paid strategy, but the free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include more and more functions which your existing consumers do not truly need or desire
add charges, costs or restrictions to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Phase 3 …
is easy 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 Register
It is a free 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 want to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, charge card which provide rewards and charge 0% FX charges are rare. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a small charge beyond , 500).
you desire an item 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 cash when taking a trip.
How does operate in practice?
It is, as I stated 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, globally).
Your current account bank instantly validates that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated spend notification through the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash 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 on:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (often in a different language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other great cards Currensea promises huge savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less fret about lacking money and the extra step. That does not imply it is ideal.
In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, permitting us to make revenue from our Important Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete information can be found on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also gets rid of all FX markup on transactions.
Each time you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Register