A brand-new fintech business which I was presented to earlier this year. How Currensea Cash Card Works…
It has won a few awards over recent months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is drawn from your current account– simply without the usual 3% fee.
Oh, and is free to obtain, which likewise helps.
There are likewise some interesting travel benefits if you choose a paid plan, but the free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competition
include a growing number of features which your existing clients do not really want or require
add charges, charges or constraints to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How Currensea Cash Card Works
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer rewards and charge 0% FX costs are rare. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards 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 want to affect your credit report by getting another charge card specifically to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately confirms that you have sufficient 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. adds a 0.5% cost if you have the free card. There are no costs if you have one of their paid cards.
You get an automated invest notification through the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and buy 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 few days later on:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (frequently in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards assures huge cost savings (85%) and a fantastic 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 suggests is you can spend cash you have in your existing current account with less stress over lacking cash and the extra action. That does not indicate it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, enabling us to make income from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full details can be discovered on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee also eliminates all FX markup on transactions.
Each time you invest with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. How Currensea Cash Card Works