A brand-new fintech business which I was presented to previously this year. How To Do A Bank Transfer To Currensea Card…
It has won a couple of awards over recent months for what it does (offering you a low-priced way to spend abroad) but what I like about is that it is simple as hell. This is a good thing.
is, successfully, 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 just spend as you would on a typical debit card and the cash is taken from your bank account– just without the typical 3% charge.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some intriguing travel advantages if you choose a paid plan, but the complimentary plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add increasingly more functions which your existing consumers don’t truly need or desire
include costs, charges or limitations to the feature that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How To Do A Bank Transfer To Currensea Card
It is a totally free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 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 charge card offering 0% foreign exchange charges, then you do not require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which offer benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I said previously, a really easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank immediately verifies that you have sufficient cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated spend alert by means of the app, if you choose to install it.
The money is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle 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:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to take place (often in a different language) while not telling you about the expensive currency conversion charges happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of great travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big cost savings (85%) and an excellent app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less fret about running out of money and the extra action. However that does not suggest it is ideal.
In this Currensea evaluation is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make revenue from our Important Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, complete information can be found on our prices strategies.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge also eliminates all FX markup on deals.
Every time you spend with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. How To Do A Bank Transfer To Currensea Card