A new fintech business which I was introduced to previously this year. Currensea Metal Card Cashback…
It has actually won a couple of awards over current months for what it does (using 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, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply spend as you would on a regular debit card and the cash is taken from your current account– simply without the usual 3% cost.
Oh, and is totally free to get, which likewise helps.
There are also some fascinating travel benefits if you choose a paid strategy, however the totally free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
add a growing number of features which your existing consumers don’t really need or desire
include charges, constraints or costs to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Monzo, revolut and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Metal Card Cashback
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you want totally 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 ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any charges and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a really 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 instantly validates that you have adequate 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% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic invest alert through the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 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 couple of days later on:.
Converting pounds was expensive.
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 exorbitant currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily in the last few years a handful of great travel debit cards have popped onto the scene … and like other great cards guarantees big cost savings (85%) and a great app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less fret about lacking money and the additional action. That does not indicate it is best.
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 Vital Strategy of 0.5% per deal, allowing us to make earnings from our Important Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, full details can be discovered on our prices strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on transactions.
Each time you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be credited you. Currensea Metal Card Cashback