A new fintech company which I was introduced to earlier this year. Currensea 3 Card Payments…
It has actually won a couple of awards over recent months for what it does (providing you an affordable way to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You merely spend as you would on a regular debit card and the cash is taken from your current account– just without the typical 3% fee.
Oh, and is totally free to request, which likewise assists.
There are likewise some intriguing travel advantages if you select a paid plan, however the totally free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or less expensive than the competitors
add more and more functions which your existing consumers do not actually want or require
include fees, charges or constraints to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Phase 3 …
is simple 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 3 Card Payments
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline company miles or points for utilizing 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 totally free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal FX mark-up (there is a little fee 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 money when travelling.
How does work in practice?
It is, as I stated earlier, a very easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately validates that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated invest notification via the app, if you choose to install it.
The money is drawn from your bank account a few 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 shows , 4.33 scheduled 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 take place (typically in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully recently a handful of great travel debit cards have popped onto the scene … and like other great cards guarantees big savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest cash you have in your existing current account with less stress over lacking cash and the extra step. But that does not mean it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
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 earnings from our Important Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, complete details can be found on our pricing strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also eliminates all FX markup on deals.
Whenever you spend with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea 3 Card Payments