A new fintech business which I was introduced to previously this year. Currensea Exchange Rate…
It has won a couple of awards over recent months for what it does (offering you a low-cost method to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your current account– simply without the normal 3% fee.
Oh, and is complimentary to request, which also assists.
There are likewise some intriguing travel benefits if you select a paid plan, however the totally free strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competition
add increasingly more features which your existing consumers do not actually desire or need
include constraints, charges or fees to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Monzo, revolut and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Exchange Rate
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer rewards and charge 0% FX fees are scarce. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a really easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly confirms that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic spend alert via the app, if you pick to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle 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:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (frequently in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Luckily in recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards guarantees big savings (85%) and a great app.
However I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less worry about running out of cash and the extra action. That does not indicate it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, allowing us to make earnings from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, complete information can be discovered on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise removes all FX markup on deals.
Each time you invest with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Exchange Rate