A brand-new fintech business which I was presented to earlier this year. Explain Currensea Card…
It has won a couple of awards over recent months for what it does (providing you an inexpensive way to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the cash is taken from your bank account– just without the typical 3% fee.
Oh, and is totally free to request, which likewise assists.
There are also some fascinating travel benefits if you choose a paid strategy, however the totally free plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or less expensive than the competition
include a growing number of features which your existing customers don’t truly desire or require
include charges, fees or constraints 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 process and will ideally remain there. Curve, monzo and revolut are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Explain Currensea 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% cost.
You do not (yet …) earn any airline company 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 free ATM withdrawals. You can stop reading now.
However, charge card which offer rewards and charge 0% FX costs are rare. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, a very basic procedure. You utilize 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 instantly confirms that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automatic invest notice via the app, if you pick to install it.
The money is drawn from your current account a couple of days later.
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 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (often in a various language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of great travel debit cards have popped onto the scene … and like other excellent cards assures huge savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can spend money you have in your existing bank account with less stress over lacking money and the additional action. That does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make profits from our Important Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete information can be found on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on deals.
Every time you spend with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Explain Currensea Card