A brand-new fintech company which I was presented to previously this year. How Long Does It Take To Top Up Currensea Card…
It has won a few awards over recent months for what it does (offering you an affordable way to invest abroad) however what I like about is that it is basic as hell. This is a good idea.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is totally free to make an application for, which likewise helps.
There are likewise some intriguing travel advantages if you select a paid plan, however the free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or more affordable than the competition
add a growing number of features which your existing customers don’t truly require or desire
add costs, charges or restrictions to the feature that made people get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally remain there. Monzo, revolut and curve are already 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 Long Does It Take To Top Up Currensea Card
It is a free direct debit card to use abroad and which immediately 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 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 require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX costs are few and far in between. The only ‘points and miles’ alternatives which offer a partial option 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 credit card offering 0% FX costs and do not want to affect your credit report by getting another charge card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no costs and just a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely easy 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 bank account bank instantly validates that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the free card. There are no charges if you have one of their paid cards.
You get an automated invest alert via the app, if you select to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged 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 various 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 current years a handful of excellent travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and an excellent app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less worry about running out of money and the extra action. However that does not mean it is best.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make profits 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 complimentary amount on all our strategies, complete information can be discovered on our rates plans.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise gets rid of all FX markup on deals.
Every time you invest with your card we receive a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. How Long Does It Take To Top Up Currensea Card