A new fintech business which I was introduced to earlier this year. Currensea Good For Philippines…
It has won a couple of awards over recent months for what it does (using you a low-priced way to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your current account– simply without the usual 3% charge.
Oh, and is complimentary to obtain, which likewise helps.
There are also some fascinating travel benefits if you choose a paid strategy, however the free plan works fine. You can apply 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 less expensive than the competition
include increasingly more features which your existing clients don’t really desire or need
include charges, charges or restrictions to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Monzo, revolut and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Good For Philippines
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically verifies that you have adequate 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. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic spend notification through the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash 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:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (often in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards guarantees huge savings (85%) and a great app.
However I think the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less fret about running out of money and the extra step. However that does not mean it is perfect.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans 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 Necessary Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our plans, full details can be discovered on our rates plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee likewise gets rid of all FX markup on transactions.
Whenever you spend with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Good For Philippines