A brand-new fintech business which I was presented to earlier this year. Glow Card Currensea…
It has actually won a couple of awards over recent months for what it does (providing you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply spend as you would on a regular debit card and the money is taken from your current account– just without the typical 3% fee.
Oh, and is complimentary to obtain, which likewise helps.
There are also some interesting travel advantages if you select a paid strategy, but the free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or cheaper than the competition
include more and more features which your existing consumers do not truly desire or need
add charges, restrictions or fees to the feature that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully stay there. Monzo, curve and revolut are currently in Stage 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Glow Card Currensea
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) make 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 costs, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX fees are few and far in between. The only ‘points and miles’ choices which use a partial solution 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 fees and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and only a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated earlier, a very 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, internationally).
Your current account bank immediately confirms that you have enough money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automatic invest notification 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. With no foreign travel in the diary, I decided to splash out and buy 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 on:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (typically in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures huge cost savings (85%) and a terrific app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less fret about running out of cash and the additional action. That does not indicate it is ideal.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make profits from our Necessary Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete details can be found on our rates plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on transactions.
Whenever you spend with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Glow Card Currensea