A new fintech business which I was presented to previously this year. Does Currensea Send You A Card…
It has won a few awards over current months for what it does (using you a low-cost way to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You simply spend as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% fee.
Oh, and is complimentary to obtain, which likewise assists.
There are also some fascinating travel benefits if you choose a paid plan, but the complimentary strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add a growing number of features which your existing clients do not actually require or want
include charges, limitations or fees to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is basic 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? Does Currensea Send You A Card
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, charge card which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs 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 previously, an extremely easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank immediately verifies 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 on the currency. If you have the complimentary card, includes a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automated spend alert through the app, if you select to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (often in a different language) while not telling you about the exorbitant currency conversion costs taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big cost savings (85%) and an excellent app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less stress over running out of cash and the additional action. That does not indicate it is perfect.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, allowing us to make earnings from our Important 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 complimentary quantity on all our strategies, full information can be found on our rates plans.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on transactions.
Whenever you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Does Currensea Send You A Card