A new fintech business which I was introduced to previously this year. Is Currensea Metal A Credit Card…
It has won a couple of awards over current months for what it does (using you an affordable way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is drawn from your current account– just without the typical 3% cost.
Oh, and is totally free to request, which also helps.
There are likewise some interesting travel benefits if you select a paid plan, however the free plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add a growing number of functions which your existing clients don’t really desire or require
include charges, charges or restrictions to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are already in Stage 3 …
is basic 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 Metal A Credit 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% charge.
You don’t (yet …) earn any airline 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.
Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ choices which use a partial service 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 charge card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no charges and just a very little FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
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 instantly verifies 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. If you have the complimentary card, adds a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automatic invest notice via the app, if you pick to install it.
The money is drawn 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 buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (often in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea promises huge savings (85%) and a great app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can spend money you have in your existing current account with less fret about lacking cash and the extra action. But that does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, permitting us to make income from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, full details can be discovered on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise gets rid of all FX markup on deals.
Each time you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Is Currensea Metal A Credit Card