A new fintech company which I was introduced to earlier this year. Currensea Card Issuing Bank…
It has actually won a few awards over recent months for what it does (providing you an inexpensive method to invest abroad) however 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 current account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the cash is drawn from your current account– just without the typical 3% charge.
Oh, and is free to apply for, which also helps.
There are also some intriguing travel benefits if you choose a paid strategy, however the totally free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add a growing number of functions which your existing customers do not really need or desire
include charges, costs or restrictions to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Monzo, curve and revolut are already in Stage 3 …
is easy 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 Issuing Bank
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make 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 don’t need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX charges are few and far in between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly 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 use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said earlier, an extremely easy 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 validates 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. adds a 0.5% cost if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated invest notification by means of the app, if you pick to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle 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:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (often in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea assures big cost savings (85%) and a great app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less worry about running out of money and the additional action. That does not mean it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, permitting us to make revenue from our Essential Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be discovered on our pricing plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also removes all FX markup on deals.
Whenever you spend with your card we get a little % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Issuing Bank