A new fintech company which I was introduced to previously this year. Can You Make Bank Transfer To Currensea Card…
It has won a couple of awards over recent months for what it does (providing you an inexpensive way to spend abroad) however what I like about is that it is basic 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 current account. There is absolutely 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– simply without the usual 3% charge.
Oh, and is complimentary to apply for, which likewise helps.
There are likewise some fascinating travel benefits if you choose a paid strategy, however the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add a growing number of functions which your existing customers don’t truly need or desire
add restrictions, fees or charges 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 process and will ideally remain there. Curve, Revolut and Monzo are already in Stage 3 …
is basic 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? Can You Make Bank Transfer To Currensea Card
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which provide rewards and charge 0% FX charges are scarce. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX fees and do not want to affect your credit report by getting another credit card specifically to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a very little FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank instantly verifies that you have sufficient 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 totally free card. There are no charges if you have one of their paid cards.
You get an automatic invest notice via the app, if you select to install it.
The cash is taken from your bank account a few 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 set up to leave my HSBC account a couple of days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to happen (frequently in a different language) while not telling you about the outrageous currency conversion charges happening in the background. Do not get me started. 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 terrific cards assures huge savings (85%) and a great app.
I think 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 worry about running out of money and the additional action. But that does not mean it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, permitting us to make profits from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, complete details can be discovered on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise gets rid of all FX markup on deals.
Every time you invest with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Can You Make Bank Transfer To Currensea Card