A brand-new fintech company which I was introduced to previously this year. Currensea Card Malta…
It has won a few awards over recent months for what it does (offering you a low-priced method to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You merely invest as you would on a typical debit card and the money is taken from your current account– simply without the normal 3% cost.
Oh, and is free to make an application for, which also helps.
There are also some fascinating travel benefits if you choose a paid plan, however the free strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or cheaper than the competition
add increasingly more functions which your existing customers do not actually need or want
add charges, costs or restrictions 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 remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is easy 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 Malta
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a minimal FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult kids, parents, partner or anybody else in your life who needs 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 said previously, an extremely 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 current account bank instantly verifies that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automated spend notice through the app, if you choose to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. Without any 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 reveals , 4.33 set up to leave my HSBC account a few days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (typically in a different language) while not telling you about the inflated currency conversion fees happening in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises big 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 means is you can spend money you have in your existing current account with less worry about running out of cash and the additional step. But that does not imply it is best.
In this Currensea review 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 Essential Plan of 0.5% per transaction, permitting us to make income from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary amount on all our plans, complete details can be found on our prices plans.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge also removes all FX markup on deals.
Each time you spend with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Malta