A brand-new fintech company which I was presented to earlier this year. How Currensea Card Works…
It has won a couple of awards over current months for what it does (using you an inexpensive method to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% cost.
Oh, and is totally free to look for, which also helps.
There are also some intriguing travel advantages if you choose a paid plan, however the free strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or more affordable than the competition
add more and more functions which your existing clients do not actually require or desire
include constraints, charges or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Monzo, curve and revolut are already in Stage 3 …
is simple 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? How Currensea Card Works
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer benefits and charge 0% FX costs are scarce. The only ‘points and miles’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a very simple process. You utilize 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 instantly confirms that you have sufficient 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 free card, adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated invest alert via the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 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:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (often in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees huge savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less worry about lacking money and the extra step. That does not imply it is best.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make revenue from our Vital Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our plans, complete details can be found on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on transactions.
Each time you invest with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. How Currensea Card Works