A new fintech company which I was presented to previously this year. Currensea Business Credit Card…
It has won a few awards over current months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You merely invest as you would on a regular debit card and the money is taken from your present account– simply without the typical 3% fee.
Oh, and is complimentary to get, which also assists.
There are also some intriguing travel advantages if you pick a paid strategy, however the totally free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or more affordable than the competitors
include increasingly more features which your existing consumers don’t actually require or desire
add charges, charges or constraints to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Business Credit Card
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
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 credit card offering 0% foreign exchange costs, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ alternatives which provide a partial solution 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 impact your credit report by getting another credit card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no fees and only a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a very 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, internationally).
Your current account bank instantly verifies that you have enough 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. adds 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 spend notification via the app, if you select 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 journal, I chose to splash out and buy 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 on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (often in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards promises big cost savings (85%) and a great app.
However I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing bank account with less stress over running out of cash and the additional step. However that does not suggest it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, enabling us to make income from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, complete information can be discovered on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also eliminates all FX markup on deals.
Every time you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Business Credit Card