A brand-new fintech business which I was introduced to previously this year. Currensea Money Card…
It has won a couple of awards over recent months for what it does (providing you a low-cost method to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is 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– simply without the normal 3% cost.
Oh, and is complimentary to request, which likewise assists.
There are likewise some interesting travel benefits if you pick a paid plan, but the complimentary strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
include increasingly more functions which your existing consumers do not truly desire or need
include limitations, charges or costs to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are already in Stage 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 Money Card
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer benefits and charge 0% FX costs are scarce. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated previously, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank instantly confirms that you have adequate 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. adds a 0.5% cost if you have the free card. There are no charges if you have among their paid cards.
You get an automated invest notification by means of the app, if you choose to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to sprinkle 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 few days later:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (typically in a different language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Thankfully in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards promises big cost savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can invest cash you have in your existing current account with less stress over running out of money and the extra step. That does not mean it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, permitting us to make income from our Important Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, complete information can be discovered on our prices plans.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on transactions.
Each time you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Currensea Money Card