A brand-new fintech company which I was introduced to previously this year. Can You Get A Card Transfer Currensea…
It has won a couple of awards over current months for what it does (offering you an affordable way to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. 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 obtain, which likewise helps.
There are also some interesting travel benefits if you choose a paid strategy, however the totally free strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
include a growing number of features which your existing customers do not actually want or require
include fees, charges or constraints to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Revolut, curve and monzo are currently in Phase 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 You Get A Card Transfer Currensea
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing bank 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 wish to get a card?
If you have a charge card offering 0% forex costs, then you do not require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far in between. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, a very basic procedure. You utilize 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 confirms that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the free card. There are no charges if you have one of their paid cards.
You get an automated invest notice through the app, if you pick to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle 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 couple of days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (often in a different language) while not telling you about the exorbitant currency conversion fees occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards promises big cost savings (85%) and an excellent app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less stress over running out of cash and the additional step. That does not mean it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, enabling us to make income from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary quantity on all our strategies, complete details can be found on our rates strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on transactions.
Each time you invest with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Can You Get A Card Transfer Currensea