A brand-new fintech business which I was introduced to previously this year. Currensea Travel Card Review…
It has won a couple of awards over recent months for what it does (providing you an affordable way to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, 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 simply invest as you would on a normal debit card and the money is taken from your bank account– just without the normal 3% charge.
Oh, and is free to request, which also assists.
There are likewise some interesting travel advantages if you select a paid strategy, but the totally free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
include more and more features which your existing consumers do not actually need or desire
add charges, limitations or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Curve, monzo and revolut are currently in Phase 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 Travel Card Review
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (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% foreign exchange charges, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, charge card which provide benefits and charge 0% FX charges are rare. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any charges and only a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically verifies that you have adequate money in your account and authorises the deal.
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% fee. If you have one of their paid cards, there are no costs.
You get an automated invest alert through the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle 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 couple of days later on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (typically in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards assures huge cost savings (85%) and a terrific app.
But I believe the very best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less fret about lacking money and the extra action. But that does not imply it is best.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, permitting us to make earnings from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full details can be found on our pricing strategies.
We charge an annual membership fee 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 get a small % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Travel Card Review