A new fintech company which I was introduced to earlier this year. How Do I Top Up Currensea Card…
It has won a couple of awards over current months for what it does (offering you a low-priced way to spend abroad) however 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 in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the money is drawn from your bank account– simply without the normal 3% cost.
Oh, and is complimentary to apply for, which likewise helps.
There are also some intriguing travel advantages if you choose a paid strategy, but the complimentary plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or cheaper than the competition
add a growing number of features which your existing customers do not actually require or desire
add limitations, charges or costs to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Curve, monzo and revolut are currently in Phase 3 …
is basic 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 Do I Top Up Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX costs are couple of and far between. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another charge card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no fees and only a minimal FX mark-up (there is a small fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, a really easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank immediately confirms that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automatic spend notice through the app, if you select 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 journal, I decided to sprinkle out and purchase 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:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to happen (often in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees big cost savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less fret about running out of money and the extra action. However that does not suggest it is perfect.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, enabling us to make income from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be found on our rates strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also eliminates 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 will not be charged to you. How Do I Top Up Currensea Card