A new fintech business which I was presented to previously this year. Can I Put Cash Into My Currensea Card…
It has actually won a few awards over recent months for what it does (providing you a low-cost method to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your bank account– just without the usual 3% charge.
Oh, and is complimentary to request, which also assists.
There are also some interesting travel benefits if you select a paid strategy, however the complimentary strategy works fine. You can use 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 more affordable than the competitors
include a growing number of features which your existing clients don’t actually desire or need
add charges, costs or limitations to the feature that made people get your item 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 already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Put Cash Into My Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
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 charge card offering 0% forex fees, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX charges are couple of and far between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, parents, 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 work in practice?
It is, as I stated previously, a really easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly validates that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated invest notification through the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to happen (frequently in a different language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less fret about running out of money and the extra step. But that does not mean it is best.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make earnings from our Necessary Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our plans, complete details can be found on our pricing plans.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on transactions.
Every time you invest with your card we get a small % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Can I Put Cash Into My Currensea Card