A new fintech company which I was introduced to previously this year. Currensea Reviews Uk…
It has actually won a few awards over current months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the money is drawn from your current account– just without the usual 3% fee.
Oh, and is complimentary to obtain, which also assists.
There are also some interesting travel benefits if you choose a paid plan, but the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competitors
add increasingly more features which your existing clients do not really require or desire
include restrictions, costs or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Reviews Uk
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline miles or points for utilizing 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 complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX costs are few and far in between. The only ‘miles and points’ alternatives which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any costs and only a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a very simple process. 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 bank account bank instantly confirms that you have adequate 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. 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 via the app, if you select to install it.
The cash is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle 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 few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge cost savings (85%) and a fantastic app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less worry about running out of money and the extra action. That does not imply it is perfect.
In this Currensea review is the great, the bad, the ugly 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 Strategy of 0.5% per transaction, permitting us to make earnings from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, full details can be found on our pricing strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise eliminates all FX markup on transactions.
Every time you spend with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Reviews Uk