A brand-new fintech business which I was introduced to previously this year. How To Top Up Currensea Card Via Bank Transfer…
It has won a couple of awards over recent months for what it does (using you an inexpensive method to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the money is drawn from your bank account– just without the normal 3% fee.
Oh, and is totally free to request, which also helps.
There are likewise some interesting travel advantages if you select a paid plan, however the complimentary plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or more affordable than the competition
include increasingly more functions which your existing consumers do not actually need or want
add charges, charges or constraints to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How To Top Up Currensea Card Via Bank Transfer
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (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 fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are couple of and far between. The only ‘points and miles’ options 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 want to affect your credit report by getting another credit card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, a very easy process. 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 bank account bank immediately 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. adds a 0.5% charge if you have the free card. There are no costs if you have one of their paid cards.
You get an automated invest alert by means of the app, if you choose to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later on:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to happen (frequently in a different language) while not telling you about the exorbitant currency conversion charges occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards promises big cost savings (85%) and a fantastic app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less stress over lacking cash and the extra action. That does not imply it is best.
In this Currensea review is the good, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make revenue from our Important Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our plans, complete information can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise gets rid of all FX markup on transactions.
Whenever you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. How To Top Up Currensea Card Via Bank Transfer