A new fintech company which I was presented to earlier this year. Where Can I Top Up My Currensea Card…
It has won a few awards over current months for what it does (providing you an affordable method to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, 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 just spend as you would on a normal debit card and the money is drawn from your current account– simply without the normal 3% fee.
Oh, and is complimentary to apply for, which likewise assists.
There are also some interesting travel benefits if you choose a paid strategy, however the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add increasingly more features which your existing customers do not really desire or require
add limitations, charges or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Monzo, revolut and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Where Can I Top Up My Currensea Card
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% fee.
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 credit card offering 0% foreign exchange costs, then you do not need a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX costs are couple of and far between. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not want 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 monthly without any costs and just a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody 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 use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your current account bank instantly verifies that you have sufficient 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% fee if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automated spend notice via the app, if you choose to install it.
The cash is drawn from your bank 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 shows , 4.33 set up 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 daylight burglary that is practically to take place (typically in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big cost 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 suggests is you can spend cash you have in your existing bank account with less worry about lacking money and the additional step. However that does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make earnings from our Essential Plan whilst staying 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 strategies, complete details can be found on our prices strategies.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise gets rid of all FX markup on deals.
Each time you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. Where Can I Top Up My Currensea Card