A new fintech company which I was introduced to previously this year. Alimentare Card Currensea Cu Numerar…
It has actually won a few awards over recent months for what it does (using you a low-cost method to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, 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 spend as you would on a regular debit card and the cash is taken from your bank account– simply without the typical 3% charge.
Oh, and is totally free to obtain, which also helps.
There are likewise some fascinating travel benefits if you select a paid strategy, however the free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competitors
include more and more functions which your existing consumers don’t truly need or desire
add limitations, charges or charges to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Monzo, curve and revolut are already in Phase 3 …
is simple 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? Alimentare Card Currensea Cu Numerar
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
That’s it.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which allows 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 small fee beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said earlier, a very easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately verifies that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated invest notice through the app, if you choose to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I chose 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 few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (often in a various language) while not telling you about the expensive currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards assures huge savings (85%) and an excellent app.
However I believe the best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less stress over lacking money and the extra step. But that does not suggest it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can decide.
FX markup.
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 earnings 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 usage over the complimentary quantity on all our plans, complete information can be found on our rates strategies.
Membership charges.
We charge a yearly subscription fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership charge also eliminates all FX markup on transactions.
Interchange.
Whenever you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be credited you. Alimentare Card Currensea Cu Numerar