A new fintech company which I was introduced to earlier this year. Currensea Card Morocco…
It has actually won a couple of awards over recent months for what it does (offering you a low-cost way to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is free to obtain, which likewise helps.
There are also some intriguing travel advantages if you choose a paid plan, however the totally free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or less expensive than the competition
include increasingly more features which your existing customers don’t truly want or need
add costs, restrictions or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Morocco
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX fees are scarce. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a little cost beyond , 500).
you want 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, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank immediately validates that you have enough 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. includes a 0.5% fee if you have the totally free card. There are no costs if you have one of their paid cards.
You get an automated invest alert via the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle 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:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (frequently in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards promises huge cost savings (85%) and a fantastic app.
But I think the best bit might 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 bank account with less worry about running out of cash and the additional action. That does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make profits from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, full details can be discovered on our rates plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on deals.
Whenever you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Card Morocco