A new fintech company which I was presented to earlier this year. Metal Credit Card Currensea…
It has actually won a few awards over current months for what it does (providing you an affordable way to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You just invest as you would on a normal debit card and the cash is drawn from your bank account– just without the normal 3% fee.
Oh, and is totally free to get, which likewise helps.
There are also some interesting travel advantages if you select a paid strategy, however the totally free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or more affordable than the competition
add a growing number of features which your existing customers don’t really want or require
add charges, charges or constraints to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Revolut, monzo and curve are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Metal Credit Card Currensea
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) earn any airline company 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 do not need a card, unless you desire free ATM withdrawals. You can stop checking out now.
However, charge card which use benefits and charge 0% FX charges are rare. The only ‘points and miles’ alternatives which provide a partial option 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 credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said earlier, a really 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, worldwide).
Your current account bank immediately confirms that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the free card. There are no costs if you have among their paid cards.
You get an automated invest alert via the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 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 robbery that is practically to occur (often in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees huge savings (85%) and a great app.
But I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend cash you have in your existing current account with less worry about running out of cash and the additional action. But that does not mean it is best.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make earnings from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our pricing plans.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also removes all FX markup on deals.
Every time you invest with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Metal Credit Card Currensea