A new fintech business which I was presented to earlier this year. Currensea Multi Currency Card…
It has won a few awards over current months for what it does (offering you a low-priced method to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. You merely spend as you would on a normal debit card and the cash is taken from your existing account– just without the normal 3% cost.
Oh, and is free to obtain, which also assists.
There are also some intriguing travel benefits if you select a paid plan, however the free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competition
include more and more features which your existing consumers do not actually desire or need
add costs, limitations or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are currently in Stage 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 Multi Currency Card
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
That’s it.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not wish to affect 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 each month without any charges and only a minimal FX mark-up (there is a small fee beyond �,� 500).
you want a product for you, your adult kids, 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 work in practice?
It is, as I said previously, a really simple process. You use 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 automatically validates that you have sufficient money 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 charges.
You get an automatic invest alert via the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 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:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (frequently in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards Currensea assures huge savings (85%) and a great app.
But I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can spend money you have in your existing bank account with less worry about lacking cash and the additional action. That does not mean it is perfect.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make earnings from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, complete details can be discovered on our pricing strategies.
Membership charges.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee likewise removes all FX markup on transactions.
Interchange.
Whenever you spend with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Multi Currency Card