A brand-new fintech business which I was introduced to previously this year. Using Currensea Without The Card…
It has actually won a couple of awards over recent months for what it does (providing you a low-cost way to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a typical debit card and the money is drawn from your current account– just without the typical 3% cost.
Oh, and is free to obtain, which also assists.
There are likewise some intriguing travel advantages if you select a paid strategy, but the complimentary strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or less expensive than the competition
include increasingly more features which your existing consumers do not actually require or want
add costs, charges or constraints to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are already 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? Using Currensea Without The Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
However, charge card which offer rewards and charge 0% FX costs are scarce. The only ‘points and miles’ options which offer a partial option 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 charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want 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 small cost beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said previously, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank immediately verifies that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% charge. There are no charges if you have one of their paid cards.
You get an automatic invest notification by means of the app, if you pick to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided 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 couple of days later:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (frequently in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards promises huge cost savings (85%) and a terrific app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less worry about lacking money and the extra action. But that does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make earnings from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our strategies, complete details can be discovered on our prices strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on deals.
Every time you spend with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Using Currensea Without The Card