A brand-new fintech business which I was introduced to previously this year. Currensea Reviews Uk…
It has won a couple of awards over current months for what it does (offering you a low-priced method to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a normal debit card and the cash is taken from your existing account– just without the usual 3% cost.
Oh, and is complimentary to make an application for, which likewise helps.
There are also some interesting travel benefits if you select a paid strategy, but the free plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competitors
add a growing number of features which your existing clients do not really desire or require
include constraints, costs or charges to the function that made individuals get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Reviews Uk
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn 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 don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, credit cards which offer benefits and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a very simple 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 bank account bank automatically validates that you have sufficient cash 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% cost if you have the free card. There are no fees if you have one of their paid cards.
You get an automated spend alert through the app, if you select to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to splash out and buy 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 few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (often in a various language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of great travel debit cards have popped onto the scene … and like other excellent cards guarantees huge savings (85%) and a fantastic app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less worry about running out of cash and the extra step. That does not imply it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, 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 use over the free amount on all our strategies, full information can be discovered on our rates plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.
Every time you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Reviews Uk