A brand-new fintech business which I was presented to previously this year. Currensea Man Lost Card Stolen On Holiday…
It has actually won a few awards over recent months for what it does (offering you a low-priced method to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply spend as you would on a normal debit card and the money is taken from your existing account– simply without the normal 3% fee.
Oh, and is complimentary to apply for, which also helps.
There are also some fascinating travel advantages if you select a paid strategy, but the free strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competition
include increasingly more functions which your existing consumers do not really need or want
include charges, constraints or charges to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Phase 3 …
is easy 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 Man Lost Card Stolen On Holiday
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
However, credit cards which provide rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated earlier, a very easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly confirms that you have enough money in your account and authorises the deal.
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% cost. There are no fees if you have one of their paid cards.
You get an automated spend notification through the app, if you select to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (frequently in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards promises big cost savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can invest money you have in your existing current account with less worry about lacking cash and the additional action. But that does not imply it is best.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make earnings from our Essential Strategy whilst staying much cheaper 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 strategies, full information can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also eliminates all FX markup on transactions.
Every time you spend with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Man Lost Card Stolen On Holiday