A new fintech business which I was introduced to earlier this year. Is Currensea Mastercard A Credit Card…
It has actually won a few awards over recent months for what it does (using you an inexpensive method to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is drawn from your bank account– just without the usual 3% cost.
Oh, and is complimentary to apply for, which also helps.
There are likewise some interesting travel advantages if you choose a paid plan, however the free strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competition
add more and more features which your existing customers don’t actually desire or need
add constraints, charges or costs to the function that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are already in Phase 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? Is Currensea Mastercard A Credit Card
It is a totally free direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
However, charge card which use benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, a very easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically verifies that you have sufficient cash 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% charge if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic spend notice by means of the app, if you select to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (frequently in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures huge cost savings (85%) and a great app.
I think the finest bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less worry about running out of cash and the additional step. That does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, allowing us to make earnings from our Essential Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, full details can be discovered on our pricing plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on deals.
Each time you spend with your card we get a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. Is Currensea Mastercard A Credit Card