A brand-new fintech business which I was introduced to previously this year. What’s Currensea Card…
It has won a couple of awards over current months for what it does (using you an affordable method to spend abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a normal debit card and the money is drawn from your bank account– simply without the typical 3% charge.
Oh, and is totally free to request, which likewise helps.
There are likewise some fascinating travel advantages if you pick a paid plan, however the free strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add a growing number of features which your existing consumers don’t really require or want
include charges, constraints or charges 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 hopefully remain there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? What’s Currensea Card
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn 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% foreign exchange fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer benefits and charge 0% FX costs are scarce. The only ‘points and miles’ choices which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a very little FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated earlier, a very simple procedure. 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 current account bank automatically verifies 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. adds a 0.5% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automated spend notice by means of the app, if you pick to install it.
The cash is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a various language) while not telling you about the exorbitant currency conversion fees taking place in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Fortunately over the last few years a handful of excellent travel debit cards have popped onto the scene … and like other great cards promises big savings (85%) and a fantastic app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing bank account with less worry about lacking money and the additional step. However that does not suggest it is perfect.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be discovered on our prices strategies.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge also eliminates all FX markup on deals.
Each time you invest with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. What’s Currensea Card