A new fintech company which I was presented to earlier this year. Free Metal Currensea Card…
It has won a few awards over recent months for what it does (using you a low-cost method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
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 merely invest as you would on a regular debit card and the money is drawn from your current account– simply without the usual 3% charge.
Oh, and is free to get, which likewise helps.
There are likewise some interesting travel advantages if you select a paid strategy, but the complimentary strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or cheaper than the competition
add increasingly more features which your existing customers do not really require or desire
add charges, costs or limitations to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Monzo, revolut and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Free Metal Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any charges and only a very little FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who needs a basic, 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 really simple process. You use 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 confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% charge. There are no fees if you have among their paid cards.
You get an automated invest notification by means of the app, if you pick to install it.
The money is taken from your bank 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 scheduled to leave my HSBC account a few days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to take place (frequently in a various language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Fortunately recently a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees big savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less stress over running out of cash and the extra action. However that does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, permitting us to make profits from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, full information can be found on our prices strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also eliminates all FX markup on deals.
Whenever you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. Free Metal Currensea Card