A new fintech company which I was presented to earlier this year. How To Transfer Money To Your Currensea Card…
It has won a couple of awards over recent months for what it does (using you an affordable way to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your current account– just without the normal 3% fee.
Oh, and is totally free to get, which likewise assists.
There are also some interesting travel advantages if you select a paid strategy, however the complimentary strategy works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or less expensive than the competitors
include a growing number of features which your existing customers don’t actually want or need
add restrictions, charges or fees to the function 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. Monzo, revolut and curve are already in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How To Transfer Money To Your Currensea Card
It is a complimentary 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 miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you do not require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a little cost beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires 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 stated earlier, a really 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, worldwide).
Your bank account bank immediately verifies that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, includes a 0.5% charge. If you have one of their paid cards, there are no charges.
You get an automated spend alert through the app, if you select to install it.
The money is taken from your current account a few days later.
Here is an example. With no 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 couple of days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to take place (often in a different language) while not telling you about the inflated currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Thankfully recently a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards guarantees huge savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can spend money you have in your existing current account with less stress over lacking cash and the additional action. That does not imply it is best.
In this Currensea review is the good, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per transaction, permitting us to make earnings from our Essential Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our plans, full information can be discovered on our prices plans.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on transactions.
Each time you invest with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. How To Transfer Money To Your Currensea Card