A brand-new fintech business which I was introduced to earlier this year. Currensea Top Up Account With Credit Card…
It has actually won a couple of awards over current months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, 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 just invest as you would on a typical debit card and the money is drawn from your current account– just without the typical 3% cost.
Oh, and is totally free to get, which likewise helps.
There are also some intriguing travel benefits if you choose a paid strategy, but the totally free plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or cheaper than the competitors
include more and more functions which your existing consumers do not really need or want
include restrictions, fees or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Curve, Revolut and Monzo are already in Phase 3 …
is easy 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? Currensea Top Up Account With Credit Card
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) earn 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 charges, then you do not require a card, unless you want totally free ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX fees are scarce. The only ‘points and miles’ choices which offer a partial option are the Virgin Atlantic charge card which have 0% FX charges 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 specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and just 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 requires an easy, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, a very basic 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 bank account bank automatically verifies that you have sufficient money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, includes a 0.5% fee. If you have one of their paid cards, there are no costs.
You get an automatic invest alert by means of 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 reveals , 4.33 scheduled to leave my HSBC account a couple of days later on:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (frequently in a different language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Luckily over the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees huge savings (85%) and an excellent app.
However I think the best bit might be what no other card does: links to your existing high street savings account.
What this suggests is you can spend cash you have in your existing current account with less worry about lacking money and the extra step. That does not indicate it is best.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per transaction, allowing us to make profits from our Important Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our plans, full details can be found on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise removes all FX markup on transactions.
Every time you invest with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Currensea Top Up Account With Credit Card