A brand-new fintech company which I was presented to previously this year. Currensea Investment…
It has won a couple of awards over recent months for what it does (using you a low-cost method to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a normal debit card and the cash is drawn from your current account– just without the typical 3% cost.
Oh, and is totally free to obtain, which likewise helps.
There are likewise some interesting travel advantages if you select a paid strategy, however the complimentary plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or less expensive than the competition
add a growing number of functions which your existing consumers don’t actually desire or require
include restrictions, charges or costs to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, revolut and curve are currently in Phase 3 …
is simple 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 Investment
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) earn 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% forex charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX charges are few and far in between. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic charge card 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 wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I stated earlier, a really easy 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 current account bank immediately validates that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automated spend notice by means of the app, if you pick to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 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 few days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to happen (often in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big cost savings (85%) and a fantastic app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less stress over lacking cash and the additional step. That does not suggest it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, permitting us to make profits from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, complete information can be found on our rates plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.
Whenever you invest with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Investment