A new fintech company which I was presented to previously this year. Currensea Krisflyer…
It has won a few awards over current months for what it does (providing you a low-priced method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a normal debit card and the money is taken from your bank account– just without the usual 3% fee.
Oh, and is complimentary to make an application for, which also assists.
There are likewise some interesting travel advantages if you choose a paid strategy, however the complimentary strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
include a growing number of functions which your existing clients don’t actually require or desire
add restrictions, costs or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain 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 Krisflyer
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated previously, a really simple 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 immediately verifies that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic spend notice via the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. Without any 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 few days later on:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (typically in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big cost savings (85%) and a great app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less fret about lacking money and the extra step. That does not suggest it is best.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, enabling us to make income from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee likewise gets rid of all FX markup on transactions.
Every time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Krisflyer