A new fintech business which I was presented to previously this year. Can I Put Cash On Currensea Card…
It has won a few awards over recent months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. You merely spend as you would on a typical debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is free to obtain, which also assists.
There are also some intriguing travel benefits if you choose a paid plan, but the free strategy works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add a growing number of features which your existing customers don’t actually desire or need
include fees, restrictions or charges to the function that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will hopefully remain there. Revolut, monzo and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Put Cash On Currensea Card
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX charges are couple of and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated previously, a really 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, worldwide).
Your current account bank instantly verifies that you have adequate cash in your account and authorises the deal.
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 automatic invest notice through the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. With no 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 arranged to leave my HSBC account a couple of days later on:.
However transforming 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 taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Fortunately in recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards guarantees huge cost savings (85%) and a great app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can spend cash you have in your existing current account with less worry about running out of cash and the extra step. That does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, allowing us to make income from our Vital 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 complimentary quantity on all our plans, full details can be discovered on our prices plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership cost also removes all FX markup on deals.
Every time you spend with your card we get a little % of the deal, called interchange, this comes directly from the merchant and won’t be charged to you. Can I Put Cash On Currensea Card