A new fintech company which I was presented to earlier this year. Currensea Card Fitbit Pay…
It has won a couple of awards over current months for what it does (using you a low-cost way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your existing account– just without the normal 3% charge.
Oh, and is free to make an application for, which also assists.
There are likewise some interesting travel benefits if you choose a paid strategy, however the free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competition
include a growing number of functions which your existing customers don’t truly need or want
add fees, charges or restrictions to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Fitbit Pay
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
However, charge card which provide rewards and charge 0% FX charges are scarce. The only ‘points and miles’ options which offer 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 charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, a really simple procedure. 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 instantly confirms that you have enough money 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 totally free card, adds a 0.5% charge. There are no costs if you have among their paid cards.
You get an automated invest notification through the app, if you select to install it.
The cash is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to happen (frequently in a various language) while not telling you about the inflated currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Thankfully recently a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards promises big savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less worry about running out of cash and the additional action. That does not mean it is perfect.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, enabling us to make profits from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete details can be discovered on our prices strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.
Whenever you invest with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Fitbit Pay