A brand-new fintech company which I was presented to earlier this year. Currensea Crowdfunding…
It has won a few awards over recent months for what it does (providing you a low-cost method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your current account– simply without the typical 3% fee.
Oh, and is free to make an application for, which also helps.
There are also some interesting travel advantages if you choose a paid strategy, but the complimentary 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 less expensive than the competitors
include increasingly more functions which your existing customers do not really need or want
include costs, charges or restrictions to the function 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 stay there. Revolut, curve and monzo are already in Stage 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 Crowdfunding
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, credit cards which provide benefits and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and just a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly 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. If you have the totally free card, adds a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automated spend notice through the app, if you select to install it.
The cash is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 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 couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (typically in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Thankfully in recent years a handful of terrific travel debit cards have popped onto the scene … and like other great cards assures huge savings (85%) and a terrific app.
I think the finest bit might be what no other card does: connects to your existing high street bank 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. That does not indicate it is ideal.
In this Currensea review is the good, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, allowing us to make revenue from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, complete details can be discovered on our pricing strategies.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also gets rid of all FX markup on transactions.
Whenever you spend with your card we receive a small % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Crowdfunding