A new fintech company which I was presented to previously this year. Is Currensea Good…
It has actually won a few awards over current months for what it does (offering you an affordable method to invest abroad) however what I like about is that it is basic 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 simply spend as you would on a normal debit card and the cash is drawn from your bank account– just without the typical 3% fee.
Oh, and is free to look for, which likewise helps.
There are also some intriguing travel advantages if you choose a paid strategy, however the totally free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or more affordable than the competitors
add a growing number of features which your existing consumers don’t actually desire or require
add charges, charges or limitations to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are already in Stage 3 …
is easy 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? Is Currensea Good
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely simple process. 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 automatically confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated invest notice through the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to splash out and purchase 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 few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (often in a various language) while not telling you about the outrageous currency conversion costs occurring 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 promises big cost savings (85%) and a great app.
But I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend money you have in your existing bank account with less stress over running out of cash and the extra step. That does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
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 revenue from our Essential Plan 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 complimentary amount on all our strategies, complete information can be discovered on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise 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 won’t be charged to you. Is Currensea Good