A brand-new fintech business which I was presented to previously this year. Currensea Benefits…
It has won a couple of awards over current months for what it does (providing you an affordable method to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your current account– just without the typical 3% charge.
Oh, and is totally free to make an application for, which likewise assists.
There are also some interesting travel benefits if you pick a paid plan, but the totally free plan 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 free of charge or more affordable than the competition
include a growing number of functions which your existing consumers do not truly require or desire
include constraints, charges or fees to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Benefits
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (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 charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated earlier, a really 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, worldwide).
Your current account bank immediately verifies that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automated invest alert by means of the app, if you select to install it.
The cash is taken from your current account a couple of days later on.
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 scheduled to leave my HSBC account a couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (typically in a different language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea assures huge cost savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less worry about lacking cash and the extra step. That does not suggest it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can choose.
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 remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be discovered on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also eliminates all FX markup on transactions.
Every time you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Benefits