A new fintech business which I was introduced to earlier this year. Currensea Link Someone Elses Card…
It has actually won a couple of awards over current months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your existing account– just without the normal 3% fee.
Oh, and is complimentary to obtain, which also helps.
There are also some fascinating travel advantages if you pick a paid strategy, but the free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include increasingly more functions which your existing clients don’t truly want or need
include fees, charges or constraints to the function that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Link Someone Elses Card
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
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% forex costs, then you don’t require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated earlier, a very easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately verifies that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automatic spend notification by means of the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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 robbery that is just about to take place (typically in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Thankfully in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards guarantees big cost savings (85%) and a fantastic app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less stress over running out of cash and the extra action. That does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, enabling us to make earnings from our Essential 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 totally free quantity on all our strategies, full information can be found on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge also eliminates all FX markup on transactions.
Each time you spend with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and will not be charged to you. Currensea Link Someone Elses Card