A new fintech business which I was introduced to earlier this year. Currensea Vs Revolut…
It has actually won a few awards over current months for what it does (using you an affordable way to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the cash is drawn from your bank account– just without the typical 3% cost.
Oh, and is complimentary to obtain, which likewise assists.
There are likewise some interesting travel benefits if you pick a paid plan, however the complimentary plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competition
include more and more features which your existing consumers do not truly need or desire
add restrictions, charges or fees to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Vs Revolut
It is a totally 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 do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX fees are rare. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a very little FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, 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 automatically verifies that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% cost. There are no charges if you have among their paid cards.
You get an automatic invest alert via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (frequently in a different language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge savings (85%) and a great app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less worry about running out of cash and the extra action. That does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make profits from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete information can be discovered on our rates plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also removes all FX markup on transactions.
Whenever you invest with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Vs Revolut