Currensea Card

IvanDP

I have just been reading about this over on the Monzo community

https://www.currensea.com/#

The concept sounds good, but I think I would like the opinions of any of the good folk on here who have more knowledge of the product before I consider signing up.

All comments greatly appreciated.

Thanks:cool::cool::cool:

Chino

IvanDP wrote: »

All comments greatly appreciated.

Craig and James went on holiday and, after all couple of beers, decided to start a bank.

What could possibly go wrong?

https://www.currensea.com/about-us/

IvanDP

Chino wrote: »

Craig and James went on holiday and, after all couple of beers, decided to start a bank.

What could possibly go wrong?

https://www.currensea.com/about-us/

:rotfl::rotfl::rotfl::rotfl::rotfl:

Brilliant

Ben8282

All very unclear. All I have learnt from their website is that they link directly to my bank account, I must provide them with my online banking log in details and that I can 'save up to 80%.'
No information as to how it actually works in practice, how they debit the transactions or what this 80% saving actually represents.
No thanks.

IvanDP

Ben8282 wrote: »

All very unclear. All I have learnt from their website is that they link directly to my bank account, I must provide them with my online banking log in details and that I can 'save up to 80%.'
No information as to how it actually works in practice, how they debit the transactions or what this 80% saving actually represents.
No thanks.

I thought the same about the lack of information, hence why I sought the advice of the forum.
I may be wrong, but to me it sounds like the 80% is a generic figure linked to the average overseas bank charges for using a mainstream (legacy bank) debit card
Like yourself, I'm not over the moon about handing over my online banking details.

I have signed up to their waitlist, but I think I'll be holding off actually using this until I have more details

SnowTiger

IvanDP wrote: »

I have just been reading about this over on the Monzo community

https://www.currensea.com/#

The concept sounds good, but I think I would like the opinions of any of the good folk on here who have more knowledge of the product before I consider signing up.

All comments greatly appreciated.

Thanks:cool::cool::cool:

An advert for this card popped up on one of my 'social media' feeds. Twitter or Instagram IIRC.

Is there a product yet? Looks like they're only fishing for email addresses at the moment.

https://www.currensea.com/terms-and-conditions/#list-item-5:

The Exchange Rate will be 0.95% above the Interbank Rate for our Major Currencies and 0.95% above the Mastercard™ Rate for all other currencies.

https://www.currensea.com/terms-and-conditions/#list-item-11:

All spending using your Currensea Card authorised through Chip-and-PIN, Chip-and-signature, Signature, Contactless or Card-on-file are deemed Authorised Transactions, giving us authority to take the funds from your linked Bank Account via Direct Debit or Open Banking.

Does open banking offer a facility to move money around (at the moment)?

I don't know why they don't follow Curve and collect payments via debit card CPA. Perhaps direct debit is cheaper?

Looks like another solution looking for a problem to solve.

IvanDP

SnowTiger wrote: »

Looks like another solution looking for a problem to solve.

I think you've hit the nail on the head there

At the moment, i use Revolut to access my main current account to circumvent the overseas fees, funding it via Google pay,(without having to divulge my online banking details) and after reading more, the only benefit I can see is the 30 or so seconds saved not having to fund my Revolut account if I need it.

The more I read, the more this looks like it's a non starter :think::think::think:

Zanderman

SnowTiger wrote: »

.... Is there a product yet? Looks like they're only fishing for email addresses at the moment.........

And also angling for some funding (see quote from their welcome email below) in that irresponsible way these start-ups do - mis-using the list of people interested in finding out the account to promote 'investment' in a company with not only no track record but no product either! What could possibly go wrong?

Hello and a warm welcome to Currensea!
Thank you for joining the growing waiting list for a Currensea card. Everyone is very excited!

We will be back in touch in the next few weeks. In the meantime, if you have any questions, please reply to this email.
Yours,
The Currensea Team
Currensea is crowdfunding on Seedrs!
Join our mission here

LadyDee

Zanderman wrote: »

And also angling for some funding (see quote from their welcome email below) in that irresponsible way these start-ups do - mis-using the list of people interested in finding out the account to promote 'investment' in a company with not only no track record but no product either! What could possibly go wrong?

Anyone remember the egg cooker?

IvanDP

Received my invitation code today, so for better or worse, decided to sign up.

Quite a painless process,just email and phone number verification, and with the only real details required the same as signing up for any other direct debit.
(security concerns unfounded)

Card will apparently be here in the next 3-5 days

We have a trip to Europe booked next month, so may just give it a try to see how it performs, although it may still take some convincing for me to swap from my Revolut account.

And if it's no good, I can just add the card to my growing collection from all of the other digital offerings
(will not be short of ice scrapers this winter lol)

IvanDP

As an FYI, I have just received te following email:


Thank you for becoming one of our beta customers!

The first phase of our beta is now complete and we've had some amazing feedback. For the next phase, we’ve made some changes to our Terms and Conditions.

As the Currensea card is designed to help you save when spending abroad, we’ve changed how it can be used in the UK:
You will no longer be able to withdraw GBP from UK ATMs
We’re limiting your UK GBP spend to £30 per day; the fee of 20p per transaction will still apply
You can find our new Terms and Conditions here.

These changes will come into effect on 20th November 2019.

If you’re not happy with these changes or have any questions, please reply to this email. If we don’t hear from you within 14 days, we’ll assume you agree to them.
Warm regards,

Currensea team


To be fair to them, it is marketed as an overseas card.

Looks like it will live in the bottom of my travel bag as a final back up should every other payment method be unavailable :rotfl: