A new fintech business which I was presented to previously this year. Currensea Card Money Saving Expert…
It has actually won a few awards over recent months for what it does (using you a low-priced way to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is taken from your bank account– just without the usual 3% fee.
Oh, and is totally free to make an application for, which likewise helps.
There are also some interesting travel advantages if you select a paid plan, however the free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add more and more features which your existing consumers do not actually want or need
add limitations, costs or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are already in Phase 3 …
is simple 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 Money Saving Expert
It is a 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 free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card specifically to utilize 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 little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely easy 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 current account bank automatically verifies 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 on the currency. adds a 0.5% charge if you have the free card. There are no fees if you have among their paid cards.
You get an automatic spend notice through the app, if you select to install it.
The money is drawn from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (typically in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea promises huge cost savings (85%) and a fantastic app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less fret about lacking money and the extra step. That does not suggest it is ideal.
In this Currensea review is the great, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, allowing us to make income from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our plans, full details can be discovered on our prices plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on deals.
Whenever you invest with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Money Saving Expert