A brand-new fintech company which I was presented to earlier this year. Elite Currensea Code Instagram…
It has won a few awards over recent 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. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the money is taken from your bank account– just without the typical 3% fee.
Oh, and is totally free to apply for, which likewise assists.
There are also some fascinating travel advantages if you choose a paid strategy, but the complimentary 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 for free or more affordable than the competition
add a growing number of functions which your existing consumers don’t actually need or want
include charges, limitations or charges to the function that made people 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 remain there. Monzo, revolut and curve are already in Phase 3 …
is easy 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? Elite Currensea Code Instagram
It is a complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX charges are couple of and far between. The only ‘miles and points’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no charges and only a minimal FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs 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 stated previously, a very simple process. You use 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 confirms that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% cost if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated 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.
Here is an example. Without any foreign travel in the journal, 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 few days later on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to happen (often in a different language) while not telling you about the inflated currency conversion fees occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other great cards guarantees huge cost savings (85%) and a great app.
However I think the very best bit might be what no other card does: links to your existing high street checking account.
What this means is you can spend money you have in your existing current account with less stress over lacking cash and the extra step. That does not mean it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, permitting us to make revenue from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete information can be found on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee also removes all FX markup on deals.
Every time you invest with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Elite Currensea Code Instagram