A new fintech company which I was introduced to earlier this year. Currensea Metal Card Design…
It has actually won a couple of awards over current months for what it does (using you an affordable way to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, efficiently, 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 merely spend as you would on a normal debit card and the money is drawn from your current account– simply without the normal 3% fee.
Oh, and is complimentary to look for, which likewise assists.
There are also some fascinating travel advantages if you pick a paid strategy, but the totally free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or less expensive than the competition
include a growing number of functions which your existing customers do not truly require or want
add charges, limitations or fees to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is simple 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 Design
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
That’s it.
You don’t (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer rewards and charge 0% FX fees are rare. The only ‘miles and points’ options 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 charge card offering 0% FX fees and do not want to impact 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 with no charges and only a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who requires a basic, 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 easy 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 current account bank automatically validates 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 upon the currency. If you have the free card, includes a 0.5% fee. There are no charges if you have among their paid cards.
You get an automatic invest notice via the app, if you pick to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and purchase 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 few days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (typically in a various language) while not telling you about the outrageous currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards guarantees huge savings (85%) and a terrific app.
However I think the best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can spend cash you have in your existing bank account with less worry about running out of money and the additional step. That does not mean it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make revenue from our Vital 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 strategies, complete information can be found on our prices strategies.
Membership charges.
We charge a yearly subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on deals.
Interchange.
Each time you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Metal Card Design