A brand-new fintech company which I was presented to earlier this year. Elite Currensea Telegram…
It has won a few awards over recent months for what it does (providing you an inexpensive way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your present account– just without the typical 3% charge.
Oh, and is free to get, which likewise assists.
There are likewise some interesting travel benefits if you pick a paid strategy, but the complimentary strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add more and more features which your existing clients don’t really desire or need
include limitations, costs or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Revolut, monzo and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Elite Currensea Telegram
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX charges are scarce. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and just a very little FX mark-up (there is a little charge beyond �,� 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a very basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately confirms that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automated invest notice via the app, if you select to install it.
The money is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to splash 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:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to take place (often in a different language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea assures huge cost savings (85%) and a great app.
However I believe the very 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 bank account with less stress over lacking cash and the extra step. But that does not indicate it is best.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, allowing us to make profits from our Essential Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, full details can be discovered on our pricing strategies.
Subscription costs.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on deals.
Interchange.
Every time you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be credited you. Elite Currensea Telegram