A brand-new fintech business which I was introduced to earlier this year. Currensea Debit Card…
It has actually won a couple of awards over recent months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the cash is drawn from your current account– just without the usual 3% charge.
Oh, and is free to obtain, 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 something well, and totally free or less expensive than the competition
include more and more features which your existing consumers don’t really desire or require
include charges, restrictions or fees to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Monzo, revolut and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Debit Card
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, charge card which provide benefits and charge 0% FX fees are rare. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a very easy procedure. You use 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 automatically validates that you have sufficient 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 fees.
You get an automatic spend notification through the app, if you pick to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (typically in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Luckily in the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards promises big cost savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can spend cash you have in your existing current account with less fret about running out of cash and the extra step. However that does not imply it is perfect.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, enabling us to make revenue from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our plans, full details can be found on our pricing plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on transactions.
Each time you spend with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Debit Card