A new fintech company which I was presented to previously this year. Currensea Suspended Card…
It has won a few awards over current months for what it does (providing you an inexpensive way to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a regular debit card and the money is taken from your bank account– simply without the usual 3% cost.
Oh, and is free to obtain, which also helps.
There are also some fascinating travel advantages if you pick a paid plan, however the free plan 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 one thing well, and free of charge or more affordable than the competition
add more and more functions which your existing consumers don’t truly require or desire
add constraints, charges or fees to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Monzo, curve and revolut are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Suspended Card
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which offer a partial service 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 charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and just a very little FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said previously, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly verifies 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 on the currency. adds a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated invest alert by means of the app, if you pick 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 diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 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 robbery that is practically to occur (often in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and an excellent app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less stress over lacking money and the additional step. That does not mean it is best.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, allowing us to make revenue from our Important Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our plans, full information can be found on our pricing strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also removes all FX markup on deals.
Whenever you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Currensea Suspended Card