A brand-new fintech business which I was presented to previously this year. Currensea Metal Card Prepaid…
It has actually won a couple of awards over recent months for what it does (using you a low-priced method to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a typical debit card and the money is drawn from your current account– simply without the normal 3% cost.
Oh, and is free to request, which also assists.
There are also some interesting travel advantages if you select a paid strategy, but the totally free plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
include more and more functions which your existing customers do not really require or want
add charges, costs or limitations to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Metal Card Prepaid
It is a totally free direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want an item 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 cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said earlier, an extremely basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately confirms 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 upon the currency. includes a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automatic invest notification through the app, if you pick to install it.
The cash is drawn from your current account a few days later on.
Here is an example. Without any 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 set up to leave my HSBC account a couple of days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (frequently in a different language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards Currensea promises huge savings (85%) and a terrific app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less worry about running out of cash and the extra step. However that does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make revenue 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 usage over the complimentary quantity on all our strategies, complete information can be found on our prices strategies.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on transactions.
Whenever you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Metal Card Prepaid