A brand-new fintech business which I was introduced to earlier this year. Currensea Money Card…
It has actually won a couple of awards over current months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the money is taken from your current account– just without the typical 3% charge.
Oh, and is free to obtain, which also assists.
There are also some interesting travel advantages if you choose a paid plan, however the free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or cheaper than the competitors
include increasingly more features which your existing consumers don’t actually desire or require
include charges, limitations or costs to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is basic 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? Currensea Money Card
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline miles or points for using 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 want free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX charges are couple of and far between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals per month with no fees and only a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated previously, a very easy 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 bank account bank automatically verifies that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automatic invest alert through the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (often in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees big cost savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less fret about running out of money and the additional action. But that does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, allowing us to make profits from our Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, full information can be discovered on our prices plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also eliminates all FX markup on transactions.
Each time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Money Card