A new fintech business which I was presented to previously this year. Crowdcast Elite Currensea…
It has actually won a couple of awards over recent months for what it does (using you an affordable method to invest abroad) however what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You just spend as you would on a regular debit card and the money is taken from your current account– just without the usual 3% charge.
Oh, and is free to obtain, which also helps.
There are also some intriguing travel advantages if you select a paid strategy, but the totally free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
include increasingly more features which your existing clients do not truly desire or require
include charges, constraints or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Curve, Revolut and Monzo are already in Phase 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? Crowdcast Elite 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 small 0.5% charge.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, charge card which use rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who requires 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, an extremely 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 instantly confirms that you have adequate money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic invest alert through the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (often in a different language) while not telling you about the expensive currency conversion fees 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 great travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees huge cost savings (85%) and a great app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less fret about lacking cash and the extra action. However that does not suggest it is perfect.
In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per deal, enabling us to make earnings from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, complete information can be found on our pricing strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise gets rid of all FX markup on deals.
Each time you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Crowdcast Elite Currensea