A brand-new fintech company which I was introduced to previously this year. Currensea Beta…
It has won a few 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 an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is drawn from your bank account– simply without the normal 3% fee.
Oh, and is totally free to obtain, which also assists.
There are likewise some fascinating travel advantages if you choose a paid plan, however the free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or cheaper than the competition
add more and more features which your existing consumers do not really desire or require
add fees, limitations or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Monzo, revolut and curve are currently in Phase 3 …
is easy 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? Currensea Beta
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, charge card which provide benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which offer a partial option 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 charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, an extremely basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank immediately confirms that you have sufficient cash in your account and authorises the transaction.
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% cost. There are no costs if you have among their paid cards.
You get an automated spend notification through the app, if you choose to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 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 few days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime 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. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees big savings (85%) and a fantastic app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less fret about running out of cash and the extra action. But that does not imply it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, allowing us to make profits from our Necessary Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, complete details can be found on our prices strategies.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on transactions.
Every time you invest with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Currensea Beta