A brand-new fintech business which I was introduced to previously this year. Currensea Barclays…
It has actually won a few awards over current months for what it does (using you a low-priced method to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You simply invest as you would on a regular debit card and the money is taken from your current account– just without the usual 3% cost.
Oh, and is totally free to get, which likewise helps.
There are likewise some intriguing travel benefits if you pick a paid strategy, but the totally free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add a growing number of features which your existing clients don’t really need or want
include restrictions, fees or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Barclays
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
That’s it.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX charges are rare. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a small cost beyond �,� 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, a very easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank instantly confirms that you have sufficient 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. includes a 0.5% cost if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automated invest alert by means of the app, if you pick to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 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 couple of days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to occur (frequently in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less worry about running out of cash and the additional step. However that does not indicate it is best.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, allowing us to make profits from our Necessary Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, full information can be discovered on our prices strategies.
Subscription charges.
We charge a yearly membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on transactions.
Interchange.
Each time you spend with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Barclays