A brand-new fintech company which I was introduced to previously this year. Monzo Card Or Currensea…
It has won a few awards over recent months for what it does (offering you an inexpensive method to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely invest as you would on a normal debit card and the money is taken from your current account– just without the typical 3% cost.
Oh, and is free to get, which likewise helps.
There are also some fascinating travel advantages if you choose a paid strategy, but the totally 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 free of charge or cheaper than the competitors
include a growing number of features which your existing customers do not actually desire or need
include restrictions, charges or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Monzo Card Or Currensea
It is a complimentary direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide rewards and charge 0% FX fees are rare. The only ‘miles and points’ choices 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 don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and only a very little FX mark-up (there is a small charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, a very easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank immediately confirms 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. If you have the free card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated invest alert through the app, if you choose to install it.
The money is taken from your bank account a couple of 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 reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (frequently in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully recently a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards assures big cost savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: connects to your existing high street checking account.
What this indicates is you can spend money you have in your existing bank account with less stress over lacking money and the extra action. That does not imply it is perfect.
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 small FX markup on our Important Strategy of 0.5% per deal, enabling us to make earnings from our Important Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, complete details can be discovered on our rates plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on transactions.
Every time you spend with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Monzo Card Or Currensea