A brand-new fintech business which I was presented to earlier this year. Currensea Payment Card…
It has won a few awards over current months for what it does (using you an affordable method to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply spend as you would on a normal debit card and the cash is taken from your current account– simply without the normal 3% fee.
Oh, and is free to request, which also helps.
There are likewise some intriguing travel advantages if you choose a paid strategy, however the totally free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
add a growing number of features which your existing consumers do not truly need or desire
add charges, limitations 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 Phase 1 of this process and will ideally remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is basic 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 Payment Card
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX charges are scarce. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you want 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 save them money when taking a trip.
How does operate in practice?
It is, as I stated previously, a very simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically confirms that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the totally free card. There are no costs if you have among their paid cards.
You get an automated spend alert via the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in 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. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees big savings (85%) and a terrific app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less fret about lacking money and the extra step. That does not imply it is best.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make earnings from our Essential 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 complimentary quantity on all our plans, complete details can be discovered on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on transactions.
Whenever you invest with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Payment Card