A new fintech business which I was introduced to earlier this year. Currensea How It Works…
It has actually won a couple of awards over current months for what it does (providing you a low-cost method to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your existing account– just without the normal 3% fee.
Oh, and is complimentary to get, which also helps.
There are likewise some intriguing travel advantages if you pick a paid plan, but the totally free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competition
include more and more functions which your existing clients do not actually require or want
include charges, fees or restrictions to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea How It Works
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline company miles or points for utilizing 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 want free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are couple of and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs 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 with no charges and only a minimal FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, a really simple process. You use 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 immediately verifies that you have sufficient 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. If you have the free card, includes a 0.5% fee. There are no fees if you have among their paid cards.
You get an automated spend notification through the app, if you choose to install it.
The money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and purchase 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 couple of days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to happen (typically in a various language) while not telling you about the outrageous currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Fortunately over the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards guarantees big savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: connects to your existing high street checking account.
What this indicates is you can spend money you have in your existing bank account with less stress over lacking money and the extra step. However that does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make earnings from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, full details can be discovered on our rates strategies.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership cost also gets rid of all FX markup on transactions.
Whenever you invest with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea How It Works