A brand-new fintech business which I was presented to earlier this year. Currensea Visa Card…
It has actually won a few awards over recent months for what it does (offering you a low-cost way to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely spend as you would on a regular debit card and the money is taken from your present account– just without the typical 3% fee.
Oh, and is totally free to request, which also assists.
There are also some intriguing travel benefits if you choose a paid strategy, but the totally free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add a growing number of functions which your existing consumers do not really need or desire
include charges, fees or restrictions to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Monzo, curve and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Visa Card
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, moms and dads, 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 work in practice?
It is, as I said previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank automatically validates that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automatic invest notification by means of the app, if you select to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. Without any 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:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (frequently in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees huge savings (85%) and a great app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less worry about lacking money and the additional step. But that does not imply it is perfect.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, permitting us to make earnings from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our pricing plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee also eliminates all FX markup on deals.
Every time you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Visa Card