A brand-new fintech business which I was introduced to earlier this year. Currensea Vs Post Office…
It has actually won a couple of awards over recent months for what it does (providing you an inexpensive method to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply invest as you would on a normal debit card and the cash is taken from your existing account– just without the typical 3% fee.
Oh, and is free to make an application for, which also helps.
There are likewise some interesting travel benefits if you pick a paid strategy, however the free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competitors
add a growing number of features which your existing customers don’t really want or need
include charges, fees or constraints to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, monzo and curve 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 Vs Post Office
It is a complimentary direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
However, charge card which use rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you desire a product 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 kids, moms and dads, partner or anybody else in your life who needs an easy, 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, an extremely easy procedure. 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 bank account bank immediately validates that you have sufficient 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 totally free card. If you have one of their paid cards, there are no charges.
You get an automatic invest notification through the app, if you pick 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 chose to sprinkle 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:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (typically in a different language) while not telling you about the expensive currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big savings (85%) and an excellent app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less worry about running out of cash and the additional step. That does not indicate it is best.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, enabling us to make profits from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, complete information can be found on our rates strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on transactions.
Each time you invest with your card we get a small % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Vs Post Office