A new fintech company which I was introduced to earlier this year. Using Monzo Card Abroad Vs Using Currensea Card Abroad…
It has actually won a couple of awards over current months for what it does (offering you a low-cost 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 in between you and your existing bank account. There is nothing to top-up or prepay. You simply spend as you would on a normal debit card and the money is drawn from your current account– just without the usual 3% fee.
Oh, and is free to request, which likewise helps.
There are likewise some interesting travel advantages if you pick a paid plan, but the free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or cheaper than the competitors
include a growing number of functions which your existing consumers do not truly want or need
include charges, constraints or costs to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Curve, monzo and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Using Monzo Card Abroad Vs Using Currensea Card Abroad
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ alternatives which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, a really easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately verifies that you have adequate cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, includes a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automatic invest alert by means of the app, if you pick to install it.
The money is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 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:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (typically in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures huge savings (85%) and a great app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can spend cash you have in your existing current account with less stress over running out of money and the additional step. However that does not mean it is perfect.
In this Currensea evaluation is the good, 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 Essential Plan of 0.5% per transaction, enabling us to make earnings from our Essential Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, full information can be found on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Whenever you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Using Monzo Card Abroad Vs Using Currensea Card Abroad