A new fintech company which I was presented to previously this year. Currensea Card In Mexico…
It has won a couple of awards over current months for what it does (providing you a low-cost method to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a typical debit card and the cash is taken from your current account– simply without the normal 3% charge.
Oh, and is free to request, which likewise assists.
There are also some intriguing travel advantages if you choose a paid plan, however the complimentary plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or more affordable than the competitors
add increasingly more features which your existing clients don’t actually need or desire
include costs, constraints or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card In Mexico
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% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which provide benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which offer a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated previously, a really basic 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 bank account bank automatically validates that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated spend alert through the app, if you pick 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 splash out and buy 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:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (typically in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: links to your existing high street checking account.
What this means is you can spend cash you have in your existing bank account with less worry about lacking cash and the extra action. But that does not imply it is perfect.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, enabling us to make profits from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete information can be discovered on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on transactions.
Whenever you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Card In Mexico