A brand-new fintech company which I was introduced to previously this year. How Can I Top Up My Currensea Card…
It has actually won a few awards over recent months for what it does (offering you a low-priced method to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply spend as you would on a normal debit card and the cash is drawn from your current account– simply without the typical 3% fee.
Oh, and is free to apply for, which also assists.
There are likewise some intriguing travel advantages if you select a paid plan, but the free plan works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or more affordable than the competitors
include more and more features which your existing consumers don’t actually want or require
include limitations, charges or fees to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Monzo, revolut and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How Can I Top Up My Currensea Card
It is a complimentary direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide rewards and charge 0% FX fees are scarce. The only ‘points and miles’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately validates that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, includes a 0.5% fee. There are no charges if you have one of their paid cards.
You get an automatic invest notice through the app, if you pick to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the diary, I chose to splash 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 few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to occur (frequently in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards Currensea promises 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 cash you have in your existing current account with less stress over running out of cash and the extra step. That does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per deal, enabling us to make income from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete details can be found on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Each time you spend with your card we receive a little % of the deal, known as interchange, this comes directly from the merchant and will not be charged to you. How Can I Top Up My Currensea Card