A brand-new fintech business which I was introduced to previously this year. Currensea Card Currency Exchange Rates…
It has won a few awards over recent months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
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– just without the usual 3% fee.
Oh, and is complimentary to apply for, which also helps.
There are also some fascinating travel benefits if you select a paid plan, however the free plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or less expensive than the competition
add increasingly more features which your existing clients do not actually need or want
add charges, constraints or fees to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are currently 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 Card Currency Exchange Rates
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% 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 charge card offering 0% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs 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 impact your credit report by getting another charge card specifically to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a small fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated earlier, an extremely basic process. 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 instantly verifies that you have enough cash 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 complimentary card, includes a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automatic invest alert by means of the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (typically in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Don’t 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 popped onto the scene … and like other fantastic cards assures huge cost savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can invest money you have in your existing current account with less worry about running out of money and the extra step. That does not indicate it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make earnings from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, full information can be found on our pricing strategies.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on transactions.
Whenever you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card Currency Exchange Rates