A brand-new fintech company which I was introduced to previously this year. Currensea Business Card…
It has actually won a few awards over recent months for what it does (providing you an affordable way to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply invest as you would on a typical debit card and the money is taken from your current account– just without the usual 3% fee.
Oh, and is complimentary to apply for, which also assists.
There are likewise some interesting travel advantages if you select a paid strategy, however the free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or cheaper than the competition
add increasingly more functions which your existing consumers do not really need or want
add limitations, fees or charges to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Curve, monzo and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Business Card
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which provide benefits and charge 0% FX charges are scarce. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a minimal 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 a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically validates that you have sufficient 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% fee if you have the free card. There are no charges if you have one of their paid cards.
You get an automated invest alert via the app, if you pick to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and buy 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 few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (frequently in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
Fortunately in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards promises big cost savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing bank account with less worry about running out of money and the additional step. But that does not mean it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, permitting us to make revenue from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete information can be discovered on our pricing plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on deals.
Whenever you invest with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Currensea Business Card