A new fintech company which I was introduced to earlier this year. How To Topup Currensea Card…
It has won a few awards over recent months for what it does (offering you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a normal debit card and the cash is drawn from your bank account– simply without the usual 3% cost.
Oh, and is free to make an application for, which also helps.
There are likewise some fascinating travel advantages if you choose a paid plan, but the complimentary strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
include a growing number of features which your existing consumers do not actually need or desire
add charges, costs or limitations to the feature that made people 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. Curve, Revolut and Monzo are currently in Stage 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How To Topup Currensea Card
It is a complimentary direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you don’t need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which offer rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to use abroad
you want a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a minimal FX mark-up (there is a little cost 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 money when travelling.
How does work in practice?
It is, as I said earlier, a very simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank immediately validates that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automatic invest notice through the app, if you pick to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 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 couple of days later on:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (often in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea promises big cost savings (85%) and a fantastic app.
However I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can invest cash you have in your existing bank account with less stress over running out of cash and the additional action. However that does not suggest it is best.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, permitting us to make income from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be discovered on our prices strategies.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also gets rid of all FX markup on deals.
Whenever you invest with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. How To Topup Currensea Card