A brand-new fintech business which I was introduced to previously this year. Currensea Wiki…
It has actually won a few awards over current months for what it does (offering you an inexpensive way to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is taken from your current account– just without the typical 3% fee.
Oh, and is complimentary to make an application for, which also helps.
There are also some fascinating travel advantages if you pick a paid strategy, but the free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
add more and more functions which your existing consumers don’t truly desire or require
add charges, constraints or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Wiki
It is a totally 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% cost.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX charges are rare. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially 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 credit card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said previously, 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, globally).
Your current account bank instantly confirms that you have sufficient money 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 complimentary card, adds a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automated invest notice through the app, if you pick to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (often in a various language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily in recent years a handful of great travel debit cards have actually popped onto the scene … and like other excellent cards promises big savings (85%) and a fantastic app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less stress over lacking money and the extra step. However that does not imply it is ideal.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, permitting us to make revenue from our Necessary Strategy whilst staying much cheaper than other pre-paid 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 an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on transactions.
Whenever you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Wiki