A brand-new fintech company which I was introduced to earlier this year. Which Card Is Better Monzo Or Currensea…
It has won a few awards over current months for what it does (offering you a low-priced way to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your present account– simply without the usual 3% charge.
Oh, and is complimentary to apply for, which likewise helps.
There are also some intriguing travel advantages if you select a paid strategy, but the totally free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or cheaper than the competitors
add more and more functions which your existing consumers don’t truly require or want
add costs, restrictions or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Monzo, curve and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Which Card Is Better Monzo Or Currensea
It is a complimentary 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.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I said previously, a very basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank automatically validates that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, includes a 0.5% charge. There are no charges if you have one of their paid cards.
You get an automatic invest notice through the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I decided 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:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to happen (often in a different language) while not telling you about the expensive currency conversion costs happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Luckily recently a handful of great travel debit cards have popped onto the scene … and like other great cards assures huge cost savings (85%) and a terrific app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less worry about running out of cash and the additional step. But that does not suggest it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can decide.
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 profits from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, full details can be found on our prices strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on deals.
Each time you spend with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Which Card Is Better Monzo Or Currensea