A brand-new fintech business which I was introduced to earlier this year. Currensea Card Vs Monzo…
It has won a few awards over current months for what it does (offering you a low-cost way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your current account– simply without the normal 3% charge.
Oh, and is free to request, which likewise helps.
There are likewise some fascinating travel advantages if you select a paid plan, but the free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competition
include a growing number of functions which your existing consumers do not really want or need
include limitations, charges or charges to the feature that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will hopefully remain there. Curve, Revolut and Monzo are already in Stage 3 …
is simple 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? Currensea Card Vs Monzo
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
However, charge card which provide benefits and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically confirms 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 upon the currency. includes a 0.5% fee if you have the totally free card. There are no charges if you have among their paid cards.
You get an automatic invest notification by means of the app, if you pick to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no 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 arranged to leave my HSBC account a couple of days later:.
However transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (often in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Luckily over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards assures huge cost savings (85%) and a fantastic app.
However I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less worry about lacking cash and the additional action. That does not indicate it is ideal.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, enabling us to make profits from our Vital Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, full information can be found on our rates strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge likewise removes all FX markup on transactions.
Every time you spend with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Card Vs Monzo