A new fintech company which I was introduced to previously this year. Elite Currensea Myfxbook…
It has won a few awards over recent months for what it does (providing you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You just invest as you would on a typical debit card and the money is taken from your current account– just without the usual 3% fee.
Oh, and is complimentary to look for, which likewise helps.
There are likewise some intriguing travel advantages if you pick a paid strategy, but the complimentary plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competition
add a growing number of features which your existing clients do not actually require or want
add fees, charges or limitations to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is easy 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? Elite Currensea Myfxbook
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are scarce. The only ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs 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 particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a small cost beyond , 500).
you want a product 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 money when travelling.
How does operate in practice?
It is, as I said 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, internationally).
Your bank account bank immediately validates that you have adequate money 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, adds a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic invest notice by means of the app, if you pick to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and buy 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 on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to happen (typically in a different language) while not telling you about the inflated currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures huge savings (85%) and a fantastic app.
I believe the finest 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 current account with less fret about lacking money and the additional action. But that does not imply it is perfect.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make revenue from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, complete details can be discovered on our prices plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also removes all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. Elite Currensea Myfxbook