A new fintech business which I was introduced to previously this year. Can Someone Send Money To My Currensea Card…
It has actually won a couple of awards over recent months for what it does (providing you a low-priced method to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. You merely invest as you would on a regular debit card and the cash is taken from your present account– just without the usual 3% cost.
Oh, and is free to make an application for, which also helps.
There are also some fascinating travel advantages if you pick a paid strategy, but the free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or less expensive than the competition
add increasingly more functions which your existing clients do not actually require or desire
add restrictions, costs or charges to the function that made people get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can Someone Send Money To My Currensea Card
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which offer benefits and charge 0% FX charges are few and far in between. The only ‘miles and points’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps 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 want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult children, parents, 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 really 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, worldwide).
Your bank account bank immediately confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% cost. There are no fees if you have one of their paid cards.
You get an automated invest notice by means of the app, if you choose to install it.
The cash is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later on:.
However converting 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 various language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards Currensea guarantees huge cost savings (85%) and a great app.
I believe the finest 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 stress over running out of cash and the extra action. That does not mean it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make earnings from our Necessary Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be discovered on our prices strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also removes all FX markup on transactions.
Each time you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. Can Someone Send Money To My Currensea Card