A new fintech company which I was presented to earlier this year. Currensea Metal Card Travel Insurance…
It has won a few awards over current months for what it does (using you an affordable method to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You simply invest as you would on a typical debit card and the money is taken from your present account– just without the usual 3% charge.
Oh, and is totally free to request, which also helps.
There are also some fascinating travel benefits if you pick a paid strategy, but the complimentary 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 one thing well, and free of charge or more affordable than the competitors
add more and more functions which your existing customers don’t truly require or desire
include charges, constraints or fees to the feature that made individuals get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Curve, Revolut and Monzo are already in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Metal Card Travel Insurance
It is a totally free direct debit card to utilize 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 company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
However, charge card which offer benefits and charge 0% FX costs are few and far between. 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 do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said earlier, a really simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately verifies that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% fee. There are no costs if you have one of their paid cards.
You get an automatic invest alert by means of the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided 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 on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (typically in a different language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Thankfully over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards assures big savings (85%) and a terrific app.
But I think the very best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can spend money you have in your existing current account with less worry about lacking cash and the extra step. But that does not imply it is perfect.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per transaction, enabling us to make profits from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our plans, complete information can be found on our pricing 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 transactions.
Every time you invest with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Currensea Metal Card Travel Insurance