A new fintech company which I was presented to earlier this year. Revolut Vs Currensea…
It has actually won a few awards over current months for what it does (using you an inexpensive way to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the money is drawn from your bank account– just without the usual 3% fee.
Oh, and is free to apply for, which also assists.
There are also some fascinating 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 and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
add more and more functions which your existing clients don’t really require or desire
include costs, charges or limitations to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Revolut Vs Currensea
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
That’s it.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, credit cards which use benefits and charge 0% FX charges are rare. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little cost beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly confirms that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated invest notification by means of the app, if you pick to install it.
The cash is taken 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 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 couple of days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (often in a different language) while not telling you about the inflated currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Luckily recently a handful of great travel debit cards have popped onto the scene … and like other terrific cards promises big savings (85%) and a great app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less fret about running out of cash and the additional action. However that does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, enabling us to make revenue from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, complete details can be discovered on our pricing strategies.
Subscription costs.
We charge an annual membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription cost also removes all FX markup on transactions.
Interchange.
Every time you invest with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Revolut Vs Currensea