A new fintech company which I was introduced to earlier this year. Maestro Card Currensea…
It has won a few awards over current months for what it does (providing you a low-cost method to invest abroad) however what I like about is that it is easy 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 typical 3% cost.
Oh, and is complimentary to request, which also assists.
There are also some fascinating travel advantages if you select a paid plan, however the totally free strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or more affordable than the competition
include increasingly more features which your existing clients do not truly desire or need
include charges, charges or limitations to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Curve, Revolut and Monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Maestro Card Currensea
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which provide rewards and charge 0% FX costs are scarce. The only ‘miles and points’ alternatives which provide 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 charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a small cost beyond , 500).
you desire a product 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 basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately confirms that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the free card. There are no costs if you have one of their paid cards.
You get an automated spend notification by means of the app, if you choose to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, 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 scheduled to leave my HSBC account a few days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (typically in a various language) while not telling you about the exorbitant currency conversion costs occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea assures huge cost savings (85%) and an excellent app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less stress over lacking cash and the extra step. However that does not suggest it is best.
In this Currensea review is the good, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, allowing us to make profits from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, full information can be discovered on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise gets rid of all FX markup on deals.
Every time you invest with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Maestro Card Currensea