A new fintech business which I was presented to earlier this year. Review Currensea Card…
It has actually won a couple of awards over current months for what it does (providing you an affordable way to invest abroad) however what I like about is that it is basic 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 current account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a regular debit card and the money is taken from your bank account– just without the normal 3% fee.
Oh, and is free to get, which likewise assists.
There are likewise some intriguing travel advantages if you select a paid plan, however the free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or less expensive than the competitors
include a growing number of features which your existing clients do not really desire or require
include charges, charges or restrictions to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Stage 3 …
is simple 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? Review Currensea Card
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current 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 costs, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use benefits and charge 0% FX costs are rare. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and only a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, 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 process. 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 confirms that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated invest notice through the app, if you pick to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (typically in a various language) while not telling you about the outrageous currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea promises big cost savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less fret about running out of money and the additional action. That does not imply it is perfect.
In this Currensea review 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 nominal FX markup on our Important Plan of 0.5% per deal, permitting us to make profits from our Vital Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, full details can be found on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on deals.
Each time you spend with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Review Currensea Card