A new fintech business which I was introduced to previously this year. How Do I Put Euros On My Currensea Card…
It has won a few awards over current months for what it does (offering you a low-priced method to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, efficiently, 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 typical debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is complimentary to make an application for, which likewise helps.
There are likewise some intriguing travel benefits if you select a paid plan, however the free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add a growing number of functions which your existing consumers don’t really require or desire
add charges, charges or limitations to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, Revolut and Monzo are already in Stage 3 …
is easy 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? How Do I Put Euros On My Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 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 fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ alternatives which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another charge card particularly to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a minimal FX mark-up (there is a little fee beyond , 500).
you want a product for you, your adult kids, parents, 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 said previously, a really easy process. You use 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 validates that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the free card. If you have one of their paid cards, there are no charges.
You get an automatic spend notification through the app, if you choose 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 journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (frequently in a different language) while not telling you about the inflated currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other great cards Currensea promises huge cost savings (85%) and a fantastic app.
However I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend money you have in your existing bank account with less fret about running out of cash and the extra step. But that does not mean it is ideal.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, permitting us to make profits from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our strategies, full details can be discovered on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription charge also gets rid of all FX markup on transactions.
Every time you invest with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and will not be charged to you. How Do I Put Euros On My Currensea Card