A new fintech business which I was introduced to previously this year. Currensea Cancel Premium Keep Card…
It has won a few awards over recent months for what it does (providing you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
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 just spend as you would on a regular debit card and the cash is drawn from your bank account– simply without the typical 3% fee.
Oh, and is totally free to request, which likewise assists.
There are likewise some fascinating travel benefits if you select a paid strategy, but the totally free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competitors
include more and more functions which your existing customers don’t truly need or desire
include limitations, fees or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Cancel Premium Keep Card
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (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% forex costs, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide benefits and charge 0% FX costs are rare. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a little cost 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 cash when travelling.
How does work in practice?
It is, as I said previously, a really 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, globally).
Your bank account bank immediately validates that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. There are no fees 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.
Here is an example. Without any foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (often in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Fortunately recently a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards assures big savings (85%) and a terrific app.
But I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing current account with less worry about lacking money and the additional step. However that does not indicate it is best.
In this Currensea evaluation is the good, 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 Vital Strategy of 0.5% per deal, enabling us to make earnings from our Essential Plan whilst staying more affordable than other prepaid 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 found on our pricing strategies.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also eliminates all FX markup on transactions.
Every time you invest with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Cancel Premium Keep Card