A new fintech company which I was presented to earlier this year. Is Comy Currensea Card A Debit Card…
It has actually won a couple of awards over current months for what it does (providing you a low-priced method to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, efficiently, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your existing account– just without the typical 3% fee.
Oh, and is complimentary to look for, which likewise helps.
There are also some interesting travel benefits if you select a paid plan, however the complimentary plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competition
include a growing number of features which your existing clients do not actually desire or require
include limitations, charges or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Is Comy Currensea Card A Debit Card
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 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 fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX fees are scarce. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another charge card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and just a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
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, globally).
Your current account bank immediately verifies that you have adequate 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. includes a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automatic spend notice via the app, if you select to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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 couple of days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (often in a various language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards assures huge savings (85%) and an excellent app.
I believe the finest bit may 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 current account with less fret about running out of cash and the extra action. That does not indicate it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, enabling us to make profits from our Essential Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, full details can be found on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.
Whenever you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Is Comy Currensea Card A Debit Card