A brand-new fintech company which I was presented to previously this year. Can I Put Cash Into My Currensea Card…
It has actually won a few awards over recent months for what it does (using you a low-priced method to spend abroad) but what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your current account– simply without the normal 3% cost.
Oh, and is free to apply for, which also helps.
There are likewise some fascinating travel advantages if you select a paid plan, but the free strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competition
add a growing number of features which your existing customers don’t really desire or need
include fees, limitations or charges to the function that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Revolut, monzo and curve are currently in Phase 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? Can I Put Cash Into My Currensea Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex fees, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, a very simple 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 current account bank instantly confirms that you have adequate money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes 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 invest notification through the app, if you select to install it.
The cash is drawn from your current account a few days later.
Here is an example. With no 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 few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (often in a different language) while not telling you about the exorbitant currency conversion charges occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea promises big savings (85%) and an excellent app.
However I think the best bit might be what no other card does: connects to your existing high street checking account.
What this implies is you can spend money you have in your existing current account with less worry about lacking money and the additional action. That does not suggest it is best.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, allowing us to make revenue from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our plans, complete information can be found on our prices plans.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also eliminates all FX markup on deals.
Every time you invest with your card we get a small % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Can I Put Cash Into My Currensea Card