A new fintech company which I was introduced to earlier this year. Currensea Joint Account…
It has actually won a few awards over current months for what it does (providing you a low-cost way to spend 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 merely invest as you would on a typical debit card and the cash is taken from your current account– just without the typical 3% charge.
Oh, and is free to request, which also helps.
There are also some interesting travel advantages if you pick a paid plan, however the totally 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 one thing well, and free of charge or cheaper than the competitors
add more and more features which your existing consumers don’t truly desire or require
include restrictions, fees or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Curve, monzo and revolut are currently in Phase 3 …
is simple 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 Joint Account
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline company 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 totally free ATM withdrawals. You can stop checking out now.
However, charge card which offer benefits and charge 0% FX fees are scarce. The only ‘points and miles’ 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 do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said previously, an extremely simple 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 current account bank instantly verifies that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the totally free card. There are no charges if you have one of their paid cards.
You get an automated invest notification via the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 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 couple of days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (typically in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees huge cost savings (85%) and a terrific app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this means is you can invest cash you have in your existing bank account with less worry about lacking money and the additional action. That does not mean it is ideal.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, permitting us to make revenue from our Essential Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, complete details can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise removes all FX markup on deals.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Joint Account