A brand-new fintech company which I was presented to earlier this year. Currensea Card Sidemen…
It has won a few awards over current months for what it does (providing you a low-priced way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your current account– simply without the typical 3% fee.
Oh, and is totally free to look for, which also assists.
There are likewise some intriguing travel advantages if you pick a paid plan, however the complimentary strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
add more and more functions which your existing consumers do not truly need or desire
include costs, charges or restrictions to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are already in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Sidemen
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
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 charge card offering 0% foreign exchange fees, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
However, credit cards which use rewards and charge 0% FX charges are rare. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card specifically to use abroad
you desire a product which enables 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 want a product for you, your adult kids, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, a very 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, globally).
Your current account bank instantly validates that you have adequate 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% fee if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automated invest alert via the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a few days later on:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (frequently in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea assures huge savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less worry about running out of money and the additional step. But that does not indicate it is perfect.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make revenue from our Necessary Plan whilst remaining more affordable 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 information can be found on our prices plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.
Each time you invest with your card we get a little % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Sidemen