A new fintech business which I was presented to earlier this year. Can I Set Up Direct Debit To My Currensea Card…
It has actually won a few awards over recent months for what it does (providing you a low-cost method to spend abroad) but what I like about is that it is basic as hell. This is a good thing.
is, effectively, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your existing account– simply without the usual 3% fee.
Oh, and is totally free to obtain, which also assists.
There are likewise some interesting travel advantages if you select a paid strategy, however the free plan works fine. You can use here.
There is a company model 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 a growing number of features which your existing customers don’t truly need or want
add restrictions, charges or charges to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this procedure and will ideally stay there. Revolut, curve and monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Can I Set Up Direct Debit To My Currensea Card
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% charge.
You don’t (yet …) make any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you don’t need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to use abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, 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 simple process. You utilize 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 immediately confirms 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 on the currency. If you have the free card, adds a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automatic invest notification by means of the app, if you pick to install it.
The cash is taken from your current account a couple of days later on.
Here is an example. With no foreign travel in the diary, I decided to splash 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:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (often in a different language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of terrific travel debit cards have popped onto the scene … and like other great cards guarantees big cost savings (85%) and a great app.
However I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this indicates is you can spend money you have in your existing bank account with less stress over lacking money and the extra step. However that does not indicate it is perfect.
In this Currensea review is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, allowing us to make earnings from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free quantity on all our strategies, full details can be discovered on our pricing plans.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also removes all FX markup on transactions.
Whenever you spend with your card we get a little % of the deal, called interchange, this comes directly from the merchant and will not be charged to you. Can I Set Up Direct Debit To My Currensea Card