A brand-new fintech company which I was presented to previously this year. Is Currensea Safe…
It has won a couple of awards over current months for what it does (providing you a low-cost method to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your current account– just without the typical 3% fee.
Oh, and is totally free to get, which likewise assists.
There are likewise some interesting travel advantages if you select a paid plan, but the complimentary plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or more affordable than the competition
include increasingly more features which your existing clients do not really need or want
include charges, charges or restrictions to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Is Currensea Safe
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% cost.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want 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 small cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said earlier, an extremely 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, internationally).
Your bank account bank immediately verifies that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% fee. There are no fees if you have one of their paid cards.
You get an automated invest notice through the app, if you pick to install it.
The cash is drawn from your bank account a few days later.
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 shows , 4.33 set up to leave my HSBC account a few days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to happen (frequently in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Luckily in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards guarantees big cost savings (85%) and an excellent app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less stress over running out of cash and the additional step. However that does not mean 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 plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make income from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, full information can be found on our prices plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on deals.
Whenever you spend with your card we get a little % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Is Currensea Safe