A new fintech company which I was introduced to earlier this year. Ce Este Un Card Currensea…
It has won a few awards over recent months for what it does (using you a low-priced way to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% charge.
Oh, and is complimentary to obtain, which also helps.
There are likewise some interesting travel advantages if you select a paid strategy, but the totally free plan works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or more affordable than the competitors
include increasingly more features which your existing clients don’t truly need or want
add charges, constraints or costs to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Revolut, curve and monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Ce Este Un Card Currensea
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX costs are couple of and far between. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated previously, an extremely 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, worldwide).
Your bank account bank immediately validates that you have enough 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% charge if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated spend notice through the app, if you select to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a couple of days later on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to take place (frequently in a various language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards guarantees huge savings (85%) and an excellent app.
However I believe the best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can spend cash you have in your existing bank account with less worry about lacking money and the additional step. That does not imply it is perfect.
In this Currensea evaluation 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 small FX markup on our Vital Plan of 0.5% per transaction, enabling us to make earnings from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete information can be discovered on our prices strategies.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on transactions.
Each time you spend with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Ce Este Un Card Currensea