A new fintech business which I was introduced to previously this year. Using Currensea Card…
It has actually won a few awards over current months for what it does (offering you an affordable method to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, a direct debit travel card. You simply invest as you would on a normal debit card and the cash is taken from your existing account– simply without the normal 3% cost.
Oh, and is free to obtain, which likewise assists.
There are likewise some intriguing travel advantages if you choose a paid plan, but the totally free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
include more and more functions which your existing customers don’t actually need or want
add charges, constraints or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain 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 bar in 30 seconds?’ test:
What countries can I use Currensea? Using Currensea Card
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
You don’t (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 fees, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX fees are few and far in between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a little fee beyond �,� 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated earlier, an extremely simple 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 bank account bank instantly confirms that you have enough cash in your account and authorises the deal.
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 costs if you have one of their paid cards.
You get an automated invest notification via the app, if you pick to install it.
The cash is drawn from your current account a few days later.
Here is an example. Without any 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 on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (frequently in a different language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea assures big savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less fret about lacking money and the additional action. But that does not suggest it is best.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make revenue from our Important Strategy whilst staying more affordable 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 strategies, complete details can be discovered on our prices strategies.
Subscription fees.
We charge an annual membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on transactions.
Interchange.
Each time you spend with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Using Currensea Card