A new fintech business which I was presented to previously this year. Currensea Topup By Aqua Card Cash Advance…
It has actually won a few awards over current months for what it does (offering you an affordable way to invest abroad) but what I like about is that it is easy as hell. This is a good idea.
is, successfully, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your current account– just without the normal 3% charge.
Oh, and is complimentary to obtain, which also assists.
There are likewise some fascinating travel benefits if you pick a paid plan, but the totally free plan works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competitors
add more and more functions which your existing consumers don’t actually want or need
include charges, fees or constraints to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Monzo, curve and revolut are already in Phase 3 …
is basic 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? Currensea Topup By Aqua Card Cash Advance
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% cost.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX charges are few and far in between. The only ‘points and miles’ options 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 do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any fees and only a very little FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when taking a trip.
How does work in practice?
It is, as I stated previously, a very basic process. 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 adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the totally free card, includes a 0.5% charge. There are no costs if you have among their paid cards.
You get an automatic spend notice through the app, if you pick to install it.
The cash 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 sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a few days later:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (frequently in a different language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and a great app.
However I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend cash you have in your existing current account with less fret about running out of money and the additional step. That does not imply it is best.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, 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 deal, allowing us to make revenue from our Necessary Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, complete details can be found on our pricing plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also removes all FX markup on transactions.
Whenever you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Currensea Topup By Aqua Card Cash Advance