A brand-new fintech business which I was introduced to earlier this year. Is The Currensea Travel Card Any Good…
It has won a couple of awards over current months for what it does (offering you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a normal debit card and the money is taken from your bank account– just without the normal 3% fee.
Oh, and is totally free to obtain, which also assists.
There are likewise some fascinating travel advantages if you select a paid plan, but the complimentary plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
include more and more functions which your existing consumers don’t truly require or want
add charges, restrictions or fees to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is basic 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? Is The Currensea Travel Card Any Good
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which offer benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX costs 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 affect your credit report by getting another charge card particularly to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a really basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically validates that you have enough 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. includes a 0.5% fee if you have the free card. 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 money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and buy 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 few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (often in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea assures big cost savings (85%) and a fantastic app.
I think the finest bit may 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 current account with less fret about lacking cash and the additional action. However that does not suggest it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, enabling us to make profits from our Important 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 free amount on all our plans, complete details can be discovered on our prices plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on deals.
Whenever you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Is The Currensea Travel Card Any Good