A brand-new fintech company which I was presented to previously this year. Can You Transfer Money From Abroad To Currensea Card…
It has actually won a couple of awards over current months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a typical debit card and the cash is taken from your bank account– just without the typical 3% fee.
Oh, and is complimentary to look for, which likewise helps.
There are likewise some interesting travel benefits if you choose a paid plan, however the complimentary strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or cheaper than the competition
include increasingly more functions which your existing clients do not truly need or want
include fees, charges or restrictions to the feature that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can You Transfer Money From Abroad To Currensea Card
It is a totally free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer rewards and charge 0% FX charges are rare. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs 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 utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said previously, a really simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank automatically verifies that you have enough 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. adds a 0.5% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic invest alert through the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no 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 set up to leave my HSBC account a couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (frequently in a various language) while not telling you about the inflated currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a great app.
I think the best bit might 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 bank account with less worry about lacking cash and the additional step. But that does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make earnings from our Essential Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, full information can be discovered on our prices strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also eliminates all FX markup on deals.
Every time you invest with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and will not be charged to you. Can You Transfer Money From Abroad To Currensea Card