A brand-new fintech company which I was presented to previously this year. Currensea Cash Card Review…
It has actually won a few awards over recent months for what it does (using you a low-cost way to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the cash is drawn from your bank account– simply without the normal 3% cost.
Oh, and is free to get, which also helps.
There are also some intriguing travel advantages if you select a paid strategy, however the free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
include increasingly more functions which your existing clients do not truly want or need
include constraints, charges or fees to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Curve, Revolut and Monzo are currently in Stage 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 Cash Card Review
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (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 costs, then you do not require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far in between. The only ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a very little 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 an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank immediately verifies that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the free card. If you have one of their paid cards, there are no fees.
You get an automated invest notification through 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. Without any 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 shows , 4.33 set up to leave my HSBC account a couple of days later on:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (frequently in a various language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees big savings (85%) and a fantastic app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less worry about running out of money and the additional action. However that does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make earnings from our Important Strategy whilst remaining 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 strategies, complete information can be discovered on our pricing plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Every time you invest with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Cash Card Review