A brand-new fintech company which I was introduced to previously this year. Currensea Money Transfer…
It has won a couple of awards over current months for what it does (offering you an affordable method to spend 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. You merely invest as you would on a regular debit card and the cash is taken from your current account– simply without the usual 3% fee.
Oh, and is totally free to apply for, which likewise helps.
There are likewise some fascinating travel advantages if you select a paid plan, but the complimentary strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include more and more functions which your existing clients do not actually desire or require
add charges, fees or limitations to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Money Transfer
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which use rewards and charge 0% FX fees are rare. The only ‘points and miles’ options which use a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone 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 earlier, a really easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank instantly confirms that you have sufficient 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. If you have the complimentary card, adds a 0.5% charge. There are no fees if you have one of their paid cards.
You get an automatic invest notice by means of the app, if you select to install it.
The money is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (typically in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises huge cost savings (85%) and a great app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less stress over lacking money and the additional step. That does not indicate it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make earnings from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, complete information can be discovered on our rates strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on transactions.
Every time you spend with your card we get a small % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Money Transfer