A brand-new fintech business which I was presented to earlier this year. Currensea Share Card…
It has won a few awards over current months for what it does (providing you a low-cost way to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely invest as you would on a regular debit card and the cash is taken from your current account– just without the typical 3% cost.
Oh, and is totally free to get, which likewise helps.
There are likewise some intriguing travel advantages if you select a paid strategy, however the complimentary strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competition
include increasingly more features which your existing clients don’t actually desire or need
include limitations, charges or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, monzo and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Share Card
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you desire an item 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 desire a product for you, your adult children, parents, 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 basic 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 sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic invest notification through the app, if you select to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to occur (often in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards Currensea promises huge cost savings (85%) and a great app.
However I believe the very best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can invest cash you have in your existing bank account with less stress over running out of cash and the extra action. But that does not indicate it is perfect.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, enabling us to make revenue from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete details can be discovered on our pricing plans.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on deals.
Whenever you spend with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Share Card