A new fintech business which I was presented to previously this year. Currensea London…
It has actually won a few awards over recent months for what it does (offering you an affordable method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your existing account– simply without the usual 3% fee.
Oh, and is free to look for, which likewise helps.
There are also some intriguing travel benefits if you pick a paid strategy, but the complimentary plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or more affordable than the competition
include a growing number of features which your existing consumers do not truly need or desire
include limitations, fees or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, curve and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea London
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, charge card which provide benefits and charge 0% FX costs are rare. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely 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, worldwide).
Your current account bank automatically validates that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally 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 through the app, if you pick to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, 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:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (frequently in a various language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and a great app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less worry about lacking money and the extra step. But that does not imply it is best.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, permitting us to make earnings from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be found on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea London