A new fintech business which I was introduced to previously this year. How To Add Money To My Currensea Card…
It has actually won a couple of awards over recent months for what it does (providing you an affordable way to spend 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 bank account. There is nothing to top-up or prepay. You simply spend as you would on a typical debit card and the money is drawn from your current account– just without the usual 3% cost.
Oh, and is free to look for, which also assists.
There are likewise some intriguing travel advantages if you pick a paid plan, however the totally free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or less expensive than the competition
add a growing number of features which your existing consumers do not really need or want
add charges, restrictions or fees to the feature that made individuals 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 stay there. Revolut, monzo 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? How To Add Money To My Currensea Card
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not require a card, unless you want totally free ATM withdrawals. You can stop checking out now.
Credit cards which use benefits and charge 0% FX charges are few and far in between. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a minimal FX mark-up (there is a small charge 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 save them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely basic process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank instantly confirms that you have enough money 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 free card. There are no costs if you have one of their paid cards.
You get an automatic invest notice by means of the app, if you select to install it.
The cash is drawn from your bank account a couple of days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a few days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to happen (often in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards guarantees huge savings (85%) and a fantastic app.
However I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less worry about lacking cash and the additional action. But that does not suggest it is best.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make income from our Necessary 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, full information can be discovered on our rates strategies.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise gets rid of all FX markup on deals.
Whenever you invest with your card we receive a small % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be credited you. How To Add Money To My Currensea Card