A brand-new fintech company which I was presented to earlier this year. Currensea Currencies…
It has actually won a couple of awards over current months for what it does (offering you a low-cost way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is taken from your current account– simply without the normal 3% fee.
Oh, and is free to obtain, which also helps.
There are likewise some intriguing travel benefits if you pick a paid plan, however the free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or less expensive than the competitors
add a growing number of features which your existing clients don’t truly require or want
include costs, charges or constraints to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Stage 3 …
is easy 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 Currencies
It is a totally free direct debit card to utilize abroad and which immediately recharges 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 utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use benefits and charge 0% FX costs are scarce. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and just a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.
How does work 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, internationally).
Your current account bank instantly validates that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the free card. If you have one of their paid cards, there are no fees.
You get an automated spend notification via the app, if you pick to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no 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 shows , 4.33 scheduled to leave my HSBC account a few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (typically in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Luckily over the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards assures huge savings (85%) and an excellent app.
However I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less stress over running out of money and the additional step. But that does not indicate it is perfect.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, enabling us to make profits from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete details can be found on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise removes all FX markup on deals.
Every time you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Currencies