A brand-new fintech business which I was presented to previously this year. Can I Have A Currensea Card And A Monzo Card…
It has won a few awards over current months for what it does (providing you a low-cost way to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, efficiently, 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 normal debit card and the cash is taken from your current account– just without the typical 3% fee.
Oh, and is free to apply for, which likewise assists.
There are also some intriguing travel benefits if you pick a paid plan, but the complimentary strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add increasingly more functions which your existing consumers do not truly want or need
add fees, charges or limitations to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally remain there. Monzo, revolut and curve are already in Phase 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? Can I Have A Currensea Card And A Monzo Card
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely basic 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 bank account bank automatically verifies that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the totally free card. There are no charges if you have among their paid cards.
You get an automatic spend notification by means of the app, if you select to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to happen (often in a various language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big cost savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less fret about running out of money and the extra action. However that does not indicate it is ideal.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per transaction, permitting us to make revenue from our Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free amount on all our plans, full information can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise removes all FX markup on deals.
Whenever you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Can I Have A Currensea Card And A Monzo Card