A brand-new fintech company which I was introduced to earlier this year. Currensea Vs Curve…
It has won a few awards over recent months for what it does (providing you an inexpensive way to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a normal debit card and the money is taken from your current account– just without the typical 3% cost.
Oh, and is complimentary to obtain, which likewise assists.
There are also some intriguing travel advantages if you pick a paid strategy, however the totally free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
add a growing number of functions which your existing consumers don’t really desire or require
include charges, costs or limitations to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Monzo, curve and revolut are currently 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 Vs Curve
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t need a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are couple of and far between. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really easy procedure. 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 validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the totally free card. There are no costs if you have among their paid cards.
You get an automated invest notice by means of the app, if you pick to install it.
The money is taken from your current account a few days later.
Here is an example. Without any foreign travel in the journal, 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 couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (frequently in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea promises big savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less stress over running out of money and the extra step. However that does not mean it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make profits from our Important Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full details can be discovered on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on transactions.
Whenever you invest with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Vs Curve