A new fintech business which I was presented to previously this year. Currensea Card Similar…
It has actually won a couple of awards over current months for what it does (using you an affordable method to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a normal debit card and the money is drawn from your current account– simply without the normal 3% charge.
Oh, and is totally free to apply for, which likewise assists.
There are also some fascinating travel benefits if you choose a paid plan, however the complimentary strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competition
include a growing number of features which your existing consumers don’t truly require or desire
add charges, constraints or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Similar
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially 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 desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs a basic, 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 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 instantly confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest notice via the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled 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 daylight break-in that is practically to happen (frequently in a different language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards assures huge cost savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can invest cash you have in your existing current account with less fret about lacking cash and the extra step. However that does not indicate it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, permitting us to make income from our Important Strategy whilst remaining much cheaper 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 found on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on deals.
Whenever you invest with your card we receive a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Currensea Card Similar