A brand-new fintech company which I was introduced to previously this year. Currensea Card Cists…
It has won a few awards over recent months for what it does (using you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is drawn from your bank account– just without the normal 3% fee.
Oh, and is free to look for, which also helps.
There are also some fascinating travel advantages if you pick a paid plan, but the complimentary plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add more and more features which your existing clients do not actually need or want
add charges, restrictions or costs to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Cists
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
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 fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX charges are few and far in between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank instantly confirms that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, adds a 0.5% cost. There are no charges if you have among their paid cards.
You get an automated spend notice by means of the app, if you choose to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (frequently in a various language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other great cards guarantees big savings (85%) and a fantastic app.
I believe the finest 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 bank account with less stress over running out of cash and the additional action. That does not indicate it is ideal.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make revenue from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our plans, full information can be discovered on our pricing plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on deals.
Whenever you invest with your card we get a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Currensea Card Cists