A brand-new fintech business which I was introduced to previously this year. Currensea Fca…
It has won a couple of awards over recent months for what it does (providing you a low-cost way to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the money is drawn from your current account– just without the typical 3% cost.
Oh, and is totally free to obtain, which also helps.
There are likewise some interesting travel advantages if you choose a paid strategy, but the totally free 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 cheaper than the competition
include a growing number of features which your existing clients do not truly require or desire
add costs, restrictions or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Fca
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, charge card which provide benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly to use abroad
you want 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 small charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated previously, a really simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly validates that you have adequate 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. includes a 0.5% fee if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automatic invest notice 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. Without any foreign travel in the journal, I decided to splash out and buy 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 couple of days later on:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea assures huge cost savings (85%) and a great app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less stress over lacking cash and the extra action. But that does not mean it is best.
In this Currensea review is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, permitting us to make earnings from our Important Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, full information can be discovered on our pricing strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost also gets rid of all FX markup on deals.
Every time you spend with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. Currensea Fca