A new fintech business which I was presented to previously this year. Currensea Card Standard Delivery…
It has actually won a couple of awards over recent months for what it does (providing you a low-priced way to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You simply invest as you would on a typical debit card and the money is taken from your existing account– just without the typical 3% charge.
Oh, and is totally free to apply for, which likewise assists.
There are also some fascinating travel benefits if you pick a paid plan, but the complimentary plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competition
include a growing number of features which your existing customers don’t truly need or want
add charges, restrictions or fees to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Standard Delivery
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make 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 totally free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a really 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, globally).
Your bank account bank immediately verifies that you have sufficient 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% cost. There are no fees if you have among their paid cards.
You get an automatic invest alert via the app, if you pick to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (typically in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Fortunately in recent years a handful of great travel debit cards have actually popped onto the scene … and like other great cards assures big cost savings (85%) and a great app.
But I think the best bit might be what no other card does: links to your existing high street checking account.
What this means is you can invest cash you have in your existing current account with less stress over lacking cash and the additional action. But that does not imply it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, permitting us to make revenue from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, full details can be discovered on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on transactions.
Each time you invest with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Standard Delivery