A brand-new fintech company which I was introduced to previously this year. Currensea Card Credit…
It has won a few awards over recent months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your existing account– simply without the typical 3% fee.
Oh, and is totally free to request, which also helps.
There are also some intriguing travel benefits if you choose a paid strategy, but the complimentary plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or more affordable than the competition
include increasingly more functions which your existing clients do not truly want or require
add fees, restrictions or charges to the feature that made people get your item 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 already in Stage 3 …
is easy 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 Card Credit
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which provide benefits and charge 0% FX costs are scarce. The only ‘points and miles’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a very little FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, a really basic 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 instantly confirms that you have sufficient money in your account and authorises the deal.
The deal 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% fee. There are no fees if you have one of their paid cards.
You get an automated spend notification by means of the app, if you select 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 chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a few days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (often in a different language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards guarantees huge savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less stress over lacking money and the extra step. But that does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make revenue from our Necessary Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, full information can be found on our rates strategies.
We charge a yearly membership 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 spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Card Credit