A new fintech business which I was introduced to previously this year. Currensea Review Money Saving Expert…
It has won a few awards over recent months for what it does (using you an inexpensive way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is drawn from your bank account– just without the normal 3% cost.
Oh, and is free to look for, which also assists.
There are also some intriguing travel advantages if you pick a paid plan, however the complimentary plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competition
add a growing number of functions which your existing customers do not really need or want
add costs, constraints or charges to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Revolut, curve and monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Review Money Saving Expert
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 small 0.5% charge.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are couple of and far between. The only ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a very little FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, 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, globally).
Your bank account bank immediately verifies that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated invest notification by means of the app, if you select to install it.
The money 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 splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to take place (typically in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees big cost savings (85%) and a fantastic app.
But I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this indicates is you can spend cash you have in your existing bank account with less fret about running out of money and the extra action. That does not indicate it is ideal.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make revenue from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, full information can be found on our pricing strategies.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on transactions.
Whenever you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Review Money Saving Expert