A new fintech company which I was introduced to previously this year. Currensea Money Saving Expert…
It has actually won a few awards over current months for what it does (using you an inexpensive method to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You merely spend as you would on a normal debit card and the money is taken from your present account– simply without the usual 3% fee.
Oh, and is totally free to make an application for, which likewise helps.
There are also some interesting travel advantages if you select a paid plan, but the complimentary strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or more affordable than the competition
include a growing number of features which your existing customers don’t actually desire or need
add charges, restrictions or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Money Saving Expert
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
That’s it.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX fees 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 credit card specifically to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a small charge beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, an extremely basic procedure. You utilize 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 automatically verifies that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost 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 select to install it.
The money 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 purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (often in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily recently a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards promises huge savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less worry about lacking money and the additional step. That does not indicate it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, allowing us to make revenue from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, complete details can be discovered on our pricing plans.
Subscription fees.
We charge a yearly subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on transactions.
Interchange.
Every time you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Money Saving Expert