A new fintech company which I was introduced to earlier this year. Currensea Card Rewards…
It has won a couple of awards over recent months for what it does (using you a low-cost method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, 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 typical debit card and the money is drawn from your current account– just without the usual 3% cost.
Oh, and is totally free to obtain, which likewise assists.
There are also some fascinating travel benefits if you choose a paid strategy, but the free strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
include a growing number of functions which your existing clients do not actually want or need
add charges, constraints or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Revolut, monzo and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Rewards
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
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% forex costs, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, charge card which offer benefits and charge 0% FX charges are rare. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated previously, 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, worldwide).
Your bank account bank immediately validates that you have adequate 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. adds a 0.5% fee if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automatic invest notification via the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and buy 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:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (often in a different language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Luckily in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards promises big savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less stress over lacking money and the extra action. That does not suggest it is best.
In this Currensea review is the excellent, the bad, the awful and the options, 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, permitting us to make earnings from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be found on our pricing plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on deals.
Whenever you invest with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card Rewards