A brand-new fintech company which I was introduced to previously this year. Can You Pay Cash Onto A Currensea Card…
It has actually won a couple of awards over recent months for what it does (using you a low-priced way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a normal debit card and the cash is taken from your current account– just without the normal 3% charge.
Oh, and is totally free to apply for, which also assists.
There are also some interesting travel advantages if you pick a paid strategy, however the free strategy works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and for free or cheaper than the competition
add increasingly more features which your existing clients do not actually require or desire
include constraints, charges 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 Stage 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can You Pay Cash Onto A Currensea Card
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, charge card which provide benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, a really simple procedure. You utilize 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 verifies that you have adequate cash in your account and authorises the transaction.
The transaction 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 costs if you have among their paid cards.
You get an automatic spend notice via the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose 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:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (typically in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Luckily in the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards guarantees big savings (85%) and a great app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less worry about running out of money and the extra action. But that does not mean it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, permitting us to make revenue from our Necessary Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary amount on all our strategies, full information can be found on our prices strategies.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on transactions.
Each time you invest with your card we get a small % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Can You Pay Cash Onto A Currensea Card