A new fintech company which I was presented to previously this year. Currensea Metal Card Review…
It has won a few awards over recent months for what it does (offering you a low-priced method to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. You simply spend as you would on a normal debit card and the money is taken from your present account– simply without the typical 3% charge.
Oh, and is totally free to apply for, which likewise helps.
There are also some interesting travel benefits if you select a paid plan, however the free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or less expensive than the competition
add increasingly more functions which your existing consumers do not truly want or require
add constraints, charges or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are currently in Stage 3 …
is basic 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? Currensea Metal Card Review
It is a totally free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which use benefits and charge 0% FX fees are scarce. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a really basic process. 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 current account bank immediately verifies that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automatic invest notice through the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, 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 scheduled to leave my HSBC account a couple of days later:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (typically in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and an excellent app.
However I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less worry about lacking money and the additional step. However that does not imply it is best.
In this Currensea review is the excellent, the bad, the ugly 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, allowing us to make earnings from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete details can be found on our pricing strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also eliminates all FX markup on deals.
Whenever you spend with your card we get a small % of the deal, called interchange, this comes straight from the merchant and will not be credited you. Currensea Metal Card Review