A brand-new fintech business which I was introduced to previously this year. Currensea Card Payment Pending…
It has actually won a few awards over recent months for what it does (providing you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is taken from your bank account– simply without the normal 3% fee.
Oh, and is free to apply for, which likewise assists.
There are also some interesting travel benefits if you choose a paid strategy, however the free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add a growing number of functions which your existing clients don’t really want or need
add charges, costs or limitations to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Revolut, curve and monzo are currently in Phase 3 …
is easy 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 Payment Pending
It is a totally free direct debit card to utilize abroad and which instantly charges 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 using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank immediately 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. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic spend notification by means of the app, if you pick to install it.
The cash is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle 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 pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (often in a different language) while not telling you about the expensive currency conversion costs taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and a great app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this means is you can invest cash you have in your existing current account with less stress over lacking money and the additional action. However that does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, enabling us to make profits from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, complete details can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on deals.
Whenever you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Payment Pending