A brand-new fintech company which I was introduced to previously this year. Currensea Metal Card Weight…
It has won a couple of awards over current months for what it does (providing you an affordable way to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, efficiently, 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 simply invest as you would on a typical debit card and the cash is drawn from your current account– just without the normal 3% charge.
Oh, and is totally free to request, which likewise assists.
There are also some fascinating travel advantages if you pick a paid strategy, but the free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include a growing number of functions which your existing clients don’t actually want or require
include fees, constraints or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Curve, monzo and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Metal Card Weight
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
However, charge card which provide benefits and charge 0% FX costs are scarce. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, 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, worldwide).
Your current account bank instantly verifies that you have sufficient cash in your account and authorises the deal.
The transaction 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. If you have one of their paid cards, there are no charges.
You get an automated spend alert via the app, if you select to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose 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 couple of days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (frequently in a different language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Thankfully in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards assures big savings (85%) and an excellent app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less stress over lacking money and the additional action. That does not indicate it is ideal.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make profits from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our plans, full information can be discovered on our rates strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also gets rid of all FX markup on deals.
Every time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Currensea Metal Card Weight