A new fintech company which I was introduced to previously this year. Elite Currensea…
It has actually won a few awards over recent months for what it does (providing you a low-cost method to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply invest as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% cost.
Oh, and is complimentary to get, which likewise helps.
There are also some intriguing travel benefits if you choose a paid plan, however the complimentary plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or more affordable than the competition
include more and more functions which your existing clients don’t actually desire or need
add charges, charges or limitations to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, monzo and revolut are currently in Stage 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 complimentary direct debit card to utilize abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
That’s it.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ choices which use 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 charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire a product which permits you to make �,� 500 of foreign currency ATM withdrawals each month without any fees and only a very little FX mark-up (there is a small cost beyond �,� 500).
you desire an item for you, your adult children, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very simple process. You utilize 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 verifies that you have enough 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. includes a 0.5% cost if you have the free card. If you have one of their paid cards, there are no fees.
You get an automatic spend alert via the app, if you pick to install it.
The money is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I chose to sprinkle 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 few days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to take place (often in a various language) while not telling you about the outrageous currency conversion charges occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards promises big savings (85%) and a great app.
But I believe the best 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 step. However that does not imply it is perfect.
In this Currensea review is the great, 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 Important Strategy of 0.5% per transaction, permitting us to make income from our Important Strategy 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 strategies, full information can be discovered on our prices strategies.
Membership costs.
We charge a yearly membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.
Interchange.
Whenever you invest with your card we receive a little % of the deal, called interchange, this comes straight from the merchant and will not be credited you. Elite Currensea