A new fintech company which I was introduced to earlier this year. Currensea Rose Gold Metal Card…
It has actually won a couple of 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 thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the cash is taken from your bank account– simply without the usual 3% cost.
Oh, and is totally free to make an application for, which also assists.
There are likewise some fascinating travel benefits if you choose a paid plan, but the free strategy 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 totally free or cheaper than the competitors
include more and more features which your existing consumers do not really want or need
include charges, charges or limitations to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently in Phase 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? Currensea Rose Gold Metal Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
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 credit card offering 0% forex charges, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which offer benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ options which provide a partial solution 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 want to affect your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a small fee beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a very basic 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 validates that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automatic spend notice by means of the app, if you choose to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and purchase 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 few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (frequently in a different language) while not telling you about the inflated currency conversion fees happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big cost savings (85%) and a fantastic app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less fret about lacking money and the additional action. However that does not imply it is ideal.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, allowing us to make profits from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete details can be discovered on our pricing strategies.
Subscription costs.
We charge an annual subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription charge also removes all FX markup on transactions.
Interchange.
Each time you spend with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Currensea Rose Gold Metal Card