A new fintech company which I was presented to earlier this year. Why Is Money Not Showing On My Currensea Card…
It has won a couple of awards over recent months for what it does (providing you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a typical debit card and the cash is drawn from your current account– simply without the typical 3% cost.
Oh, and is totally free to request, which also assists.
There are likewise some interesting travel benefits if you pick a paid plan, however the complimentary strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competitors
include increasingly more features which your existing consumers don’t really desire or need
add constraints, fees or charges to the feature 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 hopefully remain there. Curve, Revolut and Monzo are already in Stage 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? Why Is Money Not Showing On My Currensea Card
It is a free direct debit card to use abroad and which immediately 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 utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ choices which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge 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 enables you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a small charge beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs an easy, 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 simple procedure. You use 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 transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes 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 invest alert by means of the app, if you pick to install it.
The money is drawn from your current account a couple of days later.
Here is an example. Without any foreign travel in the journal, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (often in a various language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
Fortunately in the last few years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards promises big cost savings (85%) and a fantastic app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can spend money you have in your existing bank account with less fret about running out of cash and the additional action. But that does not suggest it is ideal.
In this Currensea review is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per transaction, enabling us to make revenue from our Necessary Strategy 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 amount on all our strategies, complete details can be found on our pricing strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee also eliminates all FX markup on deals.
Whenever you invest with your card we get a little % of the transaction, known as interchange, this comes straight from the merchant and won’t be charged to you. Why Is Money Not Showing On My Currensea Card