A new fintech business which I was introduced to earlier this year. Currensea Sign Up Offer…
It has actually won a couple of awards over current months for what it does (using you a low-priced way to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You simply invest as you would on a normal debit card and the money is taken from your present account– just without the typical 3% fee.
Oh, and is complimentary to apply for, which also helps.
There are likewise some intriguing travel advantages if you select a paid plan, however the complimentary strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or less expensive than the competitors
include more and more functions which your existing consumers don’t truly need or desire
add constraints, charges or charges to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is easy 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 Sign Up Offer
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline miles or points for using 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 want free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said previously, a very 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, internationally).
Your bank account bank immediately validates that you have enough money 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 complimentary card, adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated invest alert via the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (frequently in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big cost savings (85%) and a terrific app.
I think the best bit may 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 current account with less worry about running out of money and the additional action. However that does not imply it is perfect.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make income from our Important Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, complete details can be discovered on our prices strategies.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on transactions.
Each time you spend with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Sign Up Offer