A new fintech business which I was presented to earlier this year. Downgrade Currensea Keep Card…
It has actually won a few awards over current months for what it does (using you a low-cost way to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is drawn from your bank account– simply without the usual 3% fee.
Oh, and is free to look for, which also assists.
There are likewise some fascinating travel benefits if you pick a paid strategy, but the totally free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
include more and more features which your existing customers don’t actually need or desire
add charges, costs or limitations to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Downgrade Currensea Keep Card
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (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% foreign exchange costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, charge card which offer benefits and charge 0% FX charges are scarce. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially 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 credit card specifically to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, 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 easy process. You use 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 sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automatic invest alert through the app, if you choose to install it.
The money is drawn 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 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:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (often in a various language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Fortunately in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards guarantees big savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can spend cash you have in your existing bank account with less stress over lacking cash and the extra action. However that does not suggest it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, allowing us to make revenue from our Necessary Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, complete information can be discovered on our prices plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on deals.
Whenever you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Downgrade Currensea Keep Card