A new fintech business which I was introduced to previously this year. Currensea Rainbow Card…
It has won a few awards over current months for what it does (using you an affordable way to invest 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 just spend as you would on a regular debit card and the cash is taken from your present account– simply without the normal 3% cost.
Oh, and is totally free to get, which also assists.
There are also some intriguing travel benefits if you choose a paid plan, but the complimentary strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
add a growing number of features which your existing clients don’t really want or require
include costs, limitations or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, monzo and curve are currently in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Rainbow Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use rewards and charge 0% FX charges are rare. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect 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 monthly without any charges and just a very little FX mark-up (there is a small fee beyond , 500).
you desire an item 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 save them money when taking a trip.
How does work in practice?
It is, as I said previously, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately validates that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated invest alert through the app, if you choose to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. Without any 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 set up to leave my HSBC account a couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (often in a various language) while not telling you about the inflated currency conversion charges occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully recently a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a great app.
However I think the best bit might be what no other card does: links to your existing high street checking account.
What this means is you can spend money you have in your existing bank account with less stress over lacking cash and the additional action. That does not indicate it is best.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, permitting us to make profits from our Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our strategies, complete details can be found on our pricing plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise eliminates all FX markup on deals.
Whenever you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and will not be credited you. Currensea Rainbow Card