A brand-new fintech company which I was presented to earlier this year. Is Currensea Any Good…
It has actually won a couple of awards over recent months for what it does (offering you a low-cost way to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your present account– just without the usual 3% cost.
Oh, and is totally free to look for, which likewise helps.
There are likewise some fascinating travel benefits if you pick a paid plan, but the totally free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competition
add a growing number of features which your existing customers do not actually need or want
include restrictions, charges or costs to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are currently 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? Is Currensea Any Good
It is a complimentary direct debit card to utilize abroad and which automatically charges 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 using 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 reading now.
Nevertheless, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘miles and points’ options which provide a partial service 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 credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically validates that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on 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 notification through the app, if you choose to install it.
The cash is taken from your current account a few days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (typically in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Luckily in the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards guarantees huge cost savings (85%) and a terrific app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less stress over lacking money and the extra step. But that does not imply it is best.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, permitting us to make earnings from our Important 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 free amount on all our plans, full information can be discovered on our prices plans.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.
Whenever you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Is Currensea Any Good