A brand-new fintech business which I was presented to previously this year. Currensea Business…
It has actually won a few awards over recent months for what it does (providing you an affordable 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. You just spend as you would on a typical debit card and the money is taken from your current account– simply without the normal 3% cost.
Oh, and is complimentary to request, which likewise helps.
There are also some fascinating travel benefits if you choose a paid plan, but the free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or cheaper than the competition
add a growing number of functions which your existing customers do not actually need or desire
add charges, restrictions or costs to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Monzo, curve and revolut are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Business
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX charges are couple of and far between. The only ‘points and miles’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially 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 specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, an extremely easy 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 validates that you have enough 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. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated spend notification through the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle 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 daytime burglary that is just about to occur (often in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea guarantees huge savings (85%) and an excellent app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less worry about lacking money and the extra step. However that does not suggest it is perfect.
In this Currensea review is the great, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, permitting us to make profits from our Important Strategy whilst remaining much cheaper 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, full details can be discovered on our prices plans.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on transactions.
Whenever you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Business