A brand-new fintech company which I was presented to earlier this year. Currensea Reviews…
It has won a couple of awards over recent months for what it does (using you an inexpensive way to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You merely invest as you would on a regular debit card and the cash is taken from your present account– simply without the usual 3% charge.
Oh, and is complimentary to get, which likewise assists.
There are also some interesting travel advantages if you pick a paid strategy, however the complimentary plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competitors
add a growing number of functions which your existing customers do not truly need or want
add charges, charges or limitations to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Curve, Revolut and Monzo are already in Phase 3 …
is simple 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 Reviews
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 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 costs, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really basic process. You utilize 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 immediately confirms that you have adequate 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. includes a 0.5% charge if you have the free card. There are no fees if you have among their paid cards.
You get an automatic spend notice via the app, if you select to install it.
The cash is drawn from your current account a few days later.
Here is an example. With no 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 few days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (often in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea assures big cost savings (85%) and a great app.
But I think the best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can invest money you have in your existing current account with less worry about lacking cash and the additional action. That does not imply it is ideal.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, allowing us to make income from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, complete information can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also removes all FX markup on transactions.
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 will not be charged to you. Currensea Reviews