A brand-new fintech company which I was presented to earlier this year. Currensea 18 Card…
It has actually won a couple of awards over current months for what it does (using you an affordable way to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a normal debit card and the money is taken from your existing account– just without the normal 3% cost.
Oh, and is totally free to request, which likewise helps.
There are likewise some intriguing travel benefits if you pick a paid plan, however the totally free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competitors
add more and more features which your existing customers don’t really need or want
add charges, costs or constraints to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are currently in Phase 3 …
is easy 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? Currensea 18 Card
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX charges are couple of and far between. The only ‘points and miles’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially 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 specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really 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, worldwide).
Your bank account bank immediately verifies 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. includes a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated spend notice by means of the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (frequently in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards assures huge cost savings (85%) and a great app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less worry about running out of cash and the additional step. That does not indicate it is ideal.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, permitting us to make profits from our Essential Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our plans, complete information can be discovered on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise removes all FX markup on deals.
Every time you invest with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea 18 Card