A brand-new fintech business which I was introduced to previously this year. Currensea Card Invite Friends…
It has won a couple of awards over current months for what it does (using you a low-cost method to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You simply spend as you would on a typical debit card and the money is taken from your bank account– just without the normal 3% cost.
Oh, and is complimentary to request, which also helps.
There are likewise some interesting travel advantages if you choose a paid plan, however the totally free plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competitors
add more and more functions which your existing clients do not really desire or require
include charges, constraints or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are already in Phase 3 …
is basic 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 Card Invite Friends
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
That’s it.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank instantly confirms that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest alert through the app, if you pick 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 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 set up to leave my HSBC account a couple of days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (often in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Fortunately recently a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards guarantees big savings (85%) and a great app.
However I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this means is you can invest cash you have in your existing bank account with less stress over running out of cash and the extra step. However that does not mean it is best.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, permitting us to make revenue from our Important Strategy whilst remaining more affordable 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 strategies, full information can be found on our pricing plans.
Subscription charges.
We charge an annual membership charge of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription charge also eliminates all FX markup on transactions.
Interchange.
Each time you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Invite Friends