A new fintech company which I was introduced to earlier this year. Can You Use Credit Card To Top Up Currensea…
It has actually won a couple of awards over current months for what it does (using you an affordable method to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You merely spend as you would on a regular debit card and the cash is taken from your current account– simply without the typical 3% fee.
Oh, and is totally free to apply for, which likewise helps.
There are likewise some interesting travel advantages if you select a paid plan, however the totally free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or more affordable than the competitors
include a growing number of functions which your existing clients do not truly want or need
include restrictions, charges or fees to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, monzo and revolut 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 Use Credit Card To Top Up Currensea
It is a totally free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
Nevertheless, charge card which offer benefits and charge 0% FX fees are rare. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated previously, a really easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically confirms 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. If you have the totally free card, adds a 0.5% charge. There are no fees if you have one of their paid cards.
You get an automatic spend notification via the app, if you select to install it.
The money is taken 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 buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (typically in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Luckily recently a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards assures big cost savings (85%) and a great app.
However I think the very best bit might be what no other card does: links to your existing high street checking account.
What this means is you can invest cash you have in your existing bank account with less fret about running out of money and the extra action. However that does not indicate it is ideal.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, allowing us to make revenue from our Important 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 free amount on all our strategies, full details can be discovered on our prices plans.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise removes all FX markup on transactions.
Each time you spend with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. Can You Use Credit Card To Top Up Currensea