A brand-new fintech company which I was presented to previously this year. Currensea Sterling Travel Card…
It has actually won a few awards over current months for what it does (providing you a low-priced way to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your present account– just without the usual 3% fee.
Oh, and is free to obtain, which likewise assists.
There are also some intriguing travel advantages if you select a paid strategy, but the totally free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
add more and more features which your existing consumers do not really need or desire
include limitations, charges or costs to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Stage 3 …
is basic 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 Sterling Travel Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, charge card which use rewards and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a very basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly validates that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic spend notification through the app, if you choose to install it.
The cash is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle 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:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (often in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards Currensea assures big savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less fret about lacking money and the additional step. That does not mean it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make earnings from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete details can be discovered on our rates strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also gets rid of all FX markup on deals.
Whenever you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Currensea Sterling Travel Card