A new fintech business which I was presented to previously this year. Free Metal Currensea Card…
It has actually won a few awards over recent months for what it does (providing you an inexpensive way to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You just spend as you would on a normal debit card and the cash is taken from your present account– just without the typical 3% charge.
Oh, and is free to look for, which also helps.
There are also some intriguing travel advantages if you choose a paid plan, but the totally free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or more affordable than the competition
include more and more functions which your existing clients do not actually want or need
include charges, restrictions or costs to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Free Metal Currensea Card
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer benefits and charge 0% FX costs are rare. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult children, moms and dads, 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 work in practice?
It is, as I stated previously, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically validates that you have enough money in your account and authorises the transaction.
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 totally free card. If you have one of their paid cards, there are no charges.
You get an automated invest notification by means of the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to splash 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 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 just about to happen (often in a various language) while not telling you about the inflated currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Fortunately in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards promises big savings (85%) and a fantastic app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less worry about lacking cash and the additional action. But that does not imply it is best.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make profits from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, complete details can be discovered on our pricing strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on deals.
Whenever you spend with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Free Metal Currensea Card