A new fintech business which I was introduced to previously this year. Do Currensea Do Corporate Credit Card…
It has actually won a few awards over current months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% cost.
Oh, and is complimentary to apply for, which likewise helps.
There are also some intriguing travel benefits if you pick a paid strategy, but the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or cheaper than the competition
include a growing number of features which your existing customers do not really desire or need
include costs, restrictions or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Do Currensea Do Corporate Credit Card
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
That’s it.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX charges are few and far in between. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals per month without any costs and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said previously, a really easy 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 instantly validates that you have enough 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. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated invest notice via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 set up to leave my HSBC account a few days later:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (frequently in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Luckily in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other great cards guarantees huge cost savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this suggests is you can invest money you have in your existing bank account with less fret about lacking cash and the additional step. That does not indicate it is perfect.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make income from our Vital Plan 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 amount on all our plans, complete information can be discovered on our pricing strategies.
Subscription fees.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The membership cost likewise removes all FX markup on transactions.
Interchange.
Whenever you spend with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Do Currensea Do Corporate Credit Card