A new fintech company which I was introduced to previously this year. Using Currensea…
It has actually won a couple of awards over current months for what it does (offering you an affordable method to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your existing account– simply without the usual 3% charge.
Oh, and is free to apply for, which also assists.
There are also some interesting travel advantages if you pick a paid strategy, but the complimentary strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or cheaper than the competition
include more and more functions which your existing customers do not truly desire or require
add charges, restrictions 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. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Using Currensea
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
That’s it.
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% foreign exchange costs, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX costs are couple of and far between. The only ‘miles and points’ choices 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 don’t 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 an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any costs and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated earlier, an extremely easy procedure. 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 current account bank immediately verifies that you have adequate 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 complimentary card, includes a 0.5% charge. There are no fees if you have among their paid cards.
You get an automated invest notification via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle 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 few days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (often in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Thankfully in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards guarantees big cost savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less stress over running out of money and the extra action. That does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, allowing us to make income from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full details can be found on our pricing strategies.
Subscription fees.
We charge an annual subscription fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The subscription cost also eliminates all FX markup on transactions.
Interchange.
Each time you invest with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Using Currensea