A new fintech company which I was introduced to earlier this year. Currensea Vs Monzo…
It has won a couple of awards over recent months for what it does (offering you an inexpensive method to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply spend as you would on a regular debit card and the cash is drawn from your bank account– just without the typical 3% cost.
Oh, and is free to request, which also helps.
There are also some fascinating travel advantages if you select a paid plan, but the totally free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
add a growing number of features which your existing customers do not truly want or require
include fees, charges or limitations to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Vs Monzo
It is a totally 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% fee.
That’s it.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which provide 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 costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire an item which enables you to make �,� 500 of foreign currency ATM withdrawals per month with no charges and only a very little FX mark-up (there is a little charge beyond �,� 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a very easy process. You use 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 confirms 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 on the currency. If you have the complimentary card, adds a 0.5% cost. If you have one of their paid cards, there are no fees.
You get an automated invest notice via the app, if you choose to install it.
The money is taken from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and purchase 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 on:.
Transforming pounds was expensive.
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 exorbitant currency conversion fees happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Luckily over the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards promises huge savings (85%) and a great app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less worry about lacking cash and the extra action. But that does not indicate it is ideal.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make profits from our Necessary Strategy whilst staying more affordable 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, full details can be found on our pricing plans.
Subscription fees.
We charge a yearly subscription charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee likewise removes all FX markup on transactions.
Interchange.
Every time you invest with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and will not be charged to you. Currensea Vs Monzo