A new fintech company which I was presented to earlier this year. Currensea Card Metal Gratis…
It has actually won a few awards over current months for what it does (providing you an affordable method to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is taken from your bank account– simply without the typical 3% cost.
Oh, and is totally free to make an application for, which also helps.
There are also some intriguing travel advantages if you pick a paid strategy, however the free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
include more and more features which your existing clients don’t actually require or want
add charges, charges or constraints to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card Metal Gratis
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (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 do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ options which use 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 charges and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a very little FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately confirms that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated invest notice through the app, if you select to install it.
The money is drawn from your bank account a few days later.
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 reveals , 4.33 arranged to leave my HSBC account a few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (typically in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures big cost savings (85%) and a great app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less stress over running out of cash and the additional action. That does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make profits from our Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, full information can be discovered on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise removes all FX markup on deals.
Each time you spend with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Card Metal Gratis