A brand-new fintech business which I was presented to earlier this year. Currensea Gift Card…
It has actually won a few awards over current months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the money is taken from your bank account– simply without the usual 3% cost.
Oh, and is complimentary to look for, which likewise assists.
There are also some fascinating travel advantages if you select a paid strategy, but the complimentary plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add increasingly more features which your existing customers don’t actually require or want
add constraints, costs or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve 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 Gift Card
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ alternatives 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 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 use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a minimal FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated previously, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically verifies that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, adds a 0.5% fee. There are no fees if you have among their paid cards.
You get an automatic spend alert via the app, if you pick to install it.
The cash is taken from your current account a couple of 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 reveals , 4.33 set up to leave my HSBC account a couple of days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (often in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Thankfully over the last few 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 fantastic app.
However I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less fret about running out of money and the extra step. That does not indicate it is perfect.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, enabling us to make revenue from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, full information can be discovered on our prices strategies.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee also removes all FX markup on deals.
Whenever you invest with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Gift Card