A new fintech business which I was presented to earlier this year. Get Currensea Card…
It has actually won a couple of awards over current months for what it does (providing you a low-priced method to invest abroad) however what I like about is that it is basic 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 simply invest as you would on a typical debit card and the cash is taken from your bank account– simply without the normal 3% charge.
Oh, and is complimentary to make an application for, which also assists.
There are likewise some fascinating travel advantages if you choose a paid plan, but the complimentary plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add increasingly more features which your existing consumers don’t really require or desire
add charges, restrictions or costs to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Revolut, curve and monzo are currently 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? Get Currensea Card
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
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 charges, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, an extremely easy procedure. 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 confirms that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest notification through the app, if you select to install it.
The cash is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to sprinkle out and purchase 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:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (often in a different language) while not telling you about the exorbitant currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Luckily in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards assures huge savings (85%) and a great app.
I think the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash 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 ideal.
In this Currensea review is the great, 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 Important Plan of 0.5% per transaction, permitting us to make profits from our Important Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, complete information can be discovered on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee also removes all FX markup on transactions.
Whenever you invest with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Get Currensea Card