A new fintech company which I was introduced to previously this year. How Much Can I Top Up My Currensea Card…
It has won a few awards over recent months for what it does (providing you an affordable method to spend abroad) however 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 spend as you would on a typical debit card and the money is taken from your present account– just without the usual 3% fee.
Oh, and is complimentary to apply for, which likewise helps.
There are also some intriguing travel advantages if you select a paid strategy, however the totally free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or more affordable than the competition
add more and more features which your existing customers don’t really need or desire
add restrictions, costs or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Stage 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? How Much Can I Top Up My Currensea Card
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
That’s it.
You don’t (yet …) make any airline miles or points for utilizing 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 desire free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘points and miles’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month with no costs and just a very little FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said earlier, a very easy procedure. 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 automatically verifies that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated invest notice via the app, if you pick to install it.
The money is taken from your current account a few days later.
Here is an example. Without any 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 shows �,� 4.33 scheduled to leave my HSBC account a couple of days later:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to occur (frequently in a various language) while not telling you about the outrageous currency conversion charges happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Thankfully in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other fantastic cards promises huge savings (85%) and a great app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less fret about lacking money and the additional action. But that does not suggest it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the options, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make income from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full details can be discovered on our pricing plans.
Membership charges.
We charge an annual membership cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee also removes all FX markup on deals.
Interchange.
Whenever you spend with your card we receive a little % of the deal, called interchange, this comes directly from the merchant and will not be credited you. How Much Can I Top Up My Currensea Card