A new fintech company which I was presented to previously this year. Elite Currensea Myfxbook…
It has won a couple of awards over current months for what it does (offering you an affordable method to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your existing account– just without the usual 3% charge.
Oh, and is free to look for, which also helps.
There are likewise some interesting travel benefits if you select a paid strategy, but the totally free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competition
include a growing number of features which your existing clients do not actually desire or need
add fees, charges or constraints to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, revolut and curve are currently in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Elite Currensea Myfxbook
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which provide benefits and charge 0% FX fees are scarce. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and just a minimal FX mark-up (there is a small fee beyond , 500).
you want a product 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 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, worldwide).
Your current account bank automatically confirms that you have adequate money in your account and authorises the deal.
The transaction 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% fee. There are no fees if you have among their paid cards.
You get an automatic invest notice 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. 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 arranged to leave my HSBC account a few days later:.
But converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to take place (frequently in a different language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Luckily in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards promises big cost savings (85%) and a great app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest cash you have in your existing current account with less stress over running out of cash and the extra action. That does not suggest it is best.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per transaction, enabling us to make income from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, complete information can be found on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise eliminates all FX markup on transactions.
Each time you spend with your card we get a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be credited you. Elite Currensea Myfxbook