A new fintech company which I was presented to earlier this year. Currensea Features…
It has actually won a few awards over current months for what it does (using you a low-priced method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your current account– just without the usual 3% cost.
Oh, and is totally free to make an application for, which likewise helps.
There are also some fascinating travel advantages if you choose a paid strategy, but the complimentary plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
include increasingly more functions which your existing customers don’t actually need or want
add restrictions, charges or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Monzo, curve and revolut are currently 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 Features
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) earn 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 fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, credit cards which use rewards and charge 0% FX fees are rare. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank automatically validates that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated spend alert via the app, if you pick to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up 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 burglary that is just about to take place (frequently in a different language) while not telling you about the expensive currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees big cost savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can spend cash you have in your existing bank account with less fret about running out of cash and the extra step. That does not suggest it is perfect.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make revenue from our Necessary Strategy 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 quantity on all our plans, complete information can be discovered on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also eliminates all FX markup on deals.
Each time you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Features