A brand-new fintech company which I was presented to previously this year. How Do You Top Up Your Currensea Card…
It has actually won a few awards over recent months for what it does (offering you an affordable way to spend abroad) however what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just invest as you would on a normal debit card and the money is drawn from your bank account– just without the usual 3% fee.
Oh, and is free to make an application for, which also assists.
There are also some interesting travel advantages if you choose a paid plan, however the complimentary strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competitors
add more and more features which your existing clients don’t really want or require
add charges, charges or constraints to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? How Do You Top Up Your Currensea Card
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn 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 do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are few and far in between. The only ‘points and miles’ choices which use a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any fees and just a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated previously, a very simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank instantly validates that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% charge. There are no charges if you have among their paid cards.
You get an automatic invest notification via the app, if you select to install it.
The cash is drawn from your current 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 set up to leave my HSBC account a few days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (frequently in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have popped onto the scene … and like other excellent cards Currensea assures big savings (85%) and an excellent app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend cash you have in your existing current account with less worry about lacking money and the extra action. But that does not suggest it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per deal, permitting us to make earnings from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our plans, full details can be discovered on our rates plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise removes all FX markup on deals.
Whenever you invest with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be credited you. How Do You Top Up Your Currensea Card