A brand-new fintech company which I was introduced to earlier this year. Elite Currensea…
It has actually won a few awards over current months for what it does (offering you an affordable way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the money is taken from your current account– simply without the usual 3% fee.
Oh, and is totally free to apply for, which also helps.
There are likewise some fascinating travel benefits if you pick a paid strategy, however the complimentary plan works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and totally free or more affordable than the competition
include a growing number of features which your existing clients do not truly need or desire
add limitations, charges or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Elite Currensea
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
That’s it.
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 complimentary ATM withdrawals. You can stop checking out now.
However, credit cards which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and just a minimal 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 requires a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, an extremely simple 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 automatically validates that you have adequate money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend notice through the app, if you pick to install it.
The cash is taken from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle 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 few days later:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (often in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully over the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards promises huge savings (85%) and a great app.
However I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less stress over lacking cash and the additional action. But that does not mean it is ideal.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make income from our Important Plan whilst remaining much cheaper 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 plans, complete details can be found on our rates strategies.
Subscription costs.
We charge an annual subscription cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The subscription charge also eliminates all FX markup on deals.
Interchange.
Whenever you invest with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Elite Currensea