A brand-new fintech business which I was introduced to previously this year. Elite Currensea…
It has won a couple of awards over current months for what it does (using you an affordable way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a normal debit card and the money is taken from your existing account– simply without the typical 3% cost.
Oh, and is free to obtain, which likewise assists.
There are also some fascinating travel advantages if you select a paid plan, however the free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
include more and more functions which your existing consumers don’t truly want or require
include charges, restrictions or costs to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Elite Currensea
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
That’s it.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, credit cards which provide benefits and charge 0% FX costs are scarce. The only ‘points and miles’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you desire an item which allows you to make �,� 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a little fee beyond �,� 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I stated previously, a very simple 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 enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the totally free card. There are no fees if you have one of their paid cards.
You get an automatic invest notice via the app, if you select to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no 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 shows �,� 4.33 set up to leave my HSBC account a few days later:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (often in a various language) while not telling you about the expensive currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea promises big cost savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less worry about running out of money and the extra action. However that does not suggest it is perfect.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make income from our Important Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our strategies, complete details can be found on our pricing strategies.
Membership fees.
We charge a yearly membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge also eliminates all FX markup on transactions.
Interchange.
Every time you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Elite Currensea