A new fintech company which I was presented to earlier this year. Currensea Card Authorisation Request Pending…
It has won a couple of awards over current months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely spend as you would on a normal debit card and the money is drawn from your bank account– just without the typical 3% cost.
Oh, and is complimentary to request, which likewise assists.
There are also some intriguing travel benefits if you select a paid plan, but the complimentary plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or cheaper than the competitors
add more and more features which your existing consumers don’t truly want or need
add fees, restrictions or charges to the feature that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Authorisation Request Pending
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said previously, a very simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately verifies 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% charge. If you have one of their paid cards, there are no costs.
You get an automatic spend notification through the app, if you choose to install it.
The cash is drawn from your bank account a couple of 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 couple of days later:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to take place (typically in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less fret about running out of money and the additional action. That does not indicate it is best.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make revenue from our Necessary Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, full information can be found on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also removes all FX markup on transactions.
Whenever you invest with your card we receive a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Authorisation Request Pending