A new fintech business which I was introduced to earlier this year. Currensea Card Load…
It has actually won a few awards over current months for what it does (using you an inexpensive way to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely invest as you would on a regular debit card and the money is taken from your current account– simply without the usual 3% fee.
Oh, and is free to obtain, which also helps.
There are also some fascinating travel benefits if you choose a paid strategy, however the complimentary plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
add increasingly more functions which your existing clients do not truly want or need
include restrictions, fees or charges to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process 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 club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Load
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
That’s it.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer rewards and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, an extremely 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, worldwide).
Your bank account bank automatically verifies that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the free card. If you have one of their paid cards, there are no fees.
You get an automatic invest notification through the app, if you pick to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 set up to leave my HSBC account a few days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost 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 started. Anyway back to the positives for a bit anyhow.
Luckily recently a handful of great travel debit cards have popped onto the scene … and like other fantastic cards guarantees big savings (85%) and a great app.
However I believe the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less worry about lacking cash and the extra action. That does not suggest it is perfect.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make income from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be discovered on our rates plans.
Membership costs.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on deals.
Interchange.
Every time you invest with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Load