A brand-new fintech business which I was introduced to earlier this year. Protection Currensea Card Purchases…
It has actually won a few awards over recent months for what it does (using you a low-cost method to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a typical debit card and the money is taken from your bank account– simply without the usual 3% cost.
Oh, and is complimentary to make an application for, which also helps.
There are also some fascinating travel advantages if you select a paid strategy, but the free plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or less expensive than the competition
include increasingly more functions which your existing customers don’t really need or desire
add limitations, fees or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Protection Currensea Card Purchases
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX fees 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 costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a little fee beyond , 500).
you want a product 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 taking a trip.
How does operate in practice?
It is, as I said previously, a very 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, worldwide).
Your bank account bank immediately verifies that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic invest notice through the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (often in a different language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Fortunately recently a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards assures huge cost savings (85%) and a terrific app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less worry about lacking money and the extra step. But that does not suggest it is best.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make income from our Essential 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 totally free amount on all our strategies, full details can be found on our pricing plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on transactions.
Each time you spend with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Protection Currensea Card Purchases