A new fintech company which I was presented to earlier this year. Currensea Travel Card Review…
It has won a couple of awards over current months for what it does (using you a low-priced way to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, 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 simply spend as you would on a regular debit card and the cash is drawn from your bank account– just without the typical 3% cost.
Oh, and is complimentary to make an application for, which also assists.
There are also some fascinating travel benefits if you pick a paid strategy, but the complimentary 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 one thing well, and for free or more affordable than the competition
include more and more functions which your existing customers don’t truly need or want
include charges, restrictions or fees to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 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 describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Travel Card Review
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX fees are rare. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a minimal FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated earlier, a really easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank automatically verifies 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. 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 invest notice through the app, if you select to install it.
The cash is drawn from your bank account a couple of 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 shows , 4.33 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (typically in a various language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures huge savings (85%) and a terrific app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less worry about lacking money and the extra step. That does not indicate it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make income from our Important Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, full information can be discovered on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on transactions.
Every time you invest with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Travel Card Review