A brand-new fintech company which I was introduced to earlier this year. How Do I Top Up Currensea Card…
It has 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, successfully, a direct debit travel card. You simply invest as you would on a regular debit card and the money is taken from your current account– just without the typical 3% cost.
Oh, and is totally free to apply for, which likewise assists.
There are likewise some fascinating travel advantages if you select a paid strategy, 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 all followed:
launch by doing something well, and for free or cheaper than the competition
include more and more functions which your existing customers do not actually desire or require
add limitations, charges or charges to the function that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are already in Phase 3 …
is basic 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? How Do I Top Up Currensea Card
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
However, credit cards which use rewards and charge 0% FX fees are scarce. The only ‘miles and points’ choices which use a partial service 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 charge card offering 0% FX fees and do not wish to impact 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 monthly without any fees and only a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated previously, a very 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 instantly confirms that you have sufficient money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic spend notice through the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash 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:.
Converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (frequently in a different language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Luckily in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards assures big cost savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can spend money you have in your existing current account with less worry about running out of cash and the additional action. But that does not imply 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 strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, allowing us to make profits from our Necessary Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, complete details can be found on our rates plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also eliminates all FX markup on deals.
Whenever you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. How Do I Top Up Currensea Card