A new fintech company which I was introduced to previously this year. Currensea Metal Debit Card…
It has won a couple of awards over recent months for what it does (using you a low-cost method to invest 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 bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a normal debit card and the cash is taken from your bank account– just without the typical 3% fee.
Oh, and is free to request, which also helps.
There are also some interesting travel advantages if you pick a paid plan, but the free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
include a growing number of functions which your existing customers do not really require or want
include fees, restrictions or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Monzo, curve and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Metal Debit Card
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% fee.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide benefits and charge 0% FX costs are scarce. The only ‘miles and points’ alternatives which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank instantly confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% charge. There are no fees if you have among their paid cards.
You get an automatic spend alert via the app, if you select to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 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:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (frequently in a different 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 over the last few years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards assures huge cost savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less stress over lacking money and the additional action. That does not imply it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, allowing us to make earnings from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, complete information can be found on our prices plans.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on transactions.
Every time you spend with your card we get a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Metal Debit Card