A brand-new fintech business which I was presented to previously this year. Get A Currensea Card…
It has won a few awards over current months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is drawn from your bank account– simply without the typical 3% charge.
Oh, and is totally free to apply for, which likewise helps.
There are also some interesting travel benefits if you pick a paid plan, but the totally free plan works fine. You can apply here.
There is a service 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
include more and more functions which your existing consumers do not actually require or want
add charges, charges or constraints to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Revolut, curve and monzo are already in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Get A Currensea Card
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly 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 particularly to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a very little FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated previously, 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, internationally).
Your current account bank immediately validates 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 upon the currency. If you have the totally free card, adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automated spend notification through the app, if you pick to install it.
The cash is taken from your bank account a couple of 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 arranged 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 daylight burglary that is practically to occur (typically in a various language) while not telling you about the expensive currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Luckily over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards assures big cost savings (85%) and a terrific app.
However I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can spend money you have in your existing current account with less fret about lacking money and the additional step. That does not mean it is ideal.
In this Currensea evaluation is the great, 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 Essential Plan of 0.5% per transaction, permitting us to make earnings from our Important Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, complete details can be found on our pricing plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also removes all FX markup on deals.
Every time you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Get A Currensea Card