A new fintech company which I was presented to previously this year. Currensea Card Vs Monzo…
It has won a couple of awards over current months for what it does (offering you an affordable way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You just spend as you would on a normal debit card and the cash is taken from your current account– just without the typical 3% cost.
Oh, and is totally free to obtain, which likewise helps.
There are also some fascinating travel benefits if you pick a paid plan, but the complimentary strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and for free or more affordable than the competition
include more and more features which your existing consumers do not actually need or want
include fees, charges or constraints to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Curve, Revolut and Monzo are currently in Phase 3 …
is basic 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? Currensea Card Vs Monzo
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are rare. The only ‘points and miles’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, 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 instantly validates that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated spend alert through the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to take place (typically in a different language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Fortunately over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards guarantees big cost savings (85%) and a fantastic app.
But I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less stress over lacking cash and the extra action. That does not imply it is perfect.
In this Currensea evaluation is the great, 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 Important Strategy of 0.5% per transaction, allowing us to make revenue from our Vital Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full details can be discovered on our rates plans.
We charge an annual membership fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on deals.
Each time you invest with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. Currensea Card Vs Monzo