A new fintech company which I was presented to earlier this year. Currensea Card Issuer…
It has won a couple of awards over recent months for what it does (using 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, efficiently, a direct debit travel card. You merely invest as you would on a normal debit card and the cash is taken from your existing account– simply without the typical 3% cost.
Oh, and is totally free to apply for, which likewise helps.
There are likewise some fascinating travel benefits if you choose a paid plan, however the free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or more affordable than the competitors
include increasingly more features which your existing customers do not truly desire or require
add charges, constraints or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Monzo, curve and revolut are already in Stage 3 …
is basic 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 Issuer
It is a totally 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% cost.
You don’t (yet …) earn 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% foreign exchange costs, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are few and far in between. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card specifically to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a very little FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated earlier, a very basic process. You utilize 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 automatically validates that you have enough money in your account and authorises the deal.
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% fee. If you have one of their paid cards, there are no fees.
You get an automatic invest notice via the app, if you select to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 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 daytime burglary that is almost to take place (frequently in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less worry about running out of money and the extra action. However that does not mean it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make earnings from our Vital Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, complete 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 cost likewise gets rid of all FX markup on deals.
Whenever you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Issuer