A new fintech business which I was introduced to earlier this year. Currensea Card Reviw…
It has won a couple of awards over recent months for what it does (using you an affordable method to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is taken from your current account– just without the typical 3% fee.
Oh, and is totally free to obtain, which also helps.
There are also some interesting travel advantages if you pick a paid strategy, but 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 one thing well, and for free or less expensive than the competitors
add more and more features which your existing customers do not truly need or desire
include charges, fees or limitations to the function 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 ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Reviw
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said earlier, an extremely easy process. You utilize 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 cash 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 charges if you have among their paid cards.
You get an automatic invest notification by means of the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no 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 reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (often in a various language) while not telling you about the inflated currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards guarantees huge savings (85%) and a fantastic app.
However I believe the best bit might be what no other card does: links to your existing high street checking account.
What this indicates is you can invest cash you have in your existing bank account with less fret about lacking cash and the extra action. That does not mean it is best.
In this Currensea review is the great, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make earnings from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, full details can be found on our prices plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also removes all FX markup on transactions.
Each time you spend with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Reviw