A new fintech business which I was presented to previously this year. How Can I Put Money On My Currensea Card…
It has actually won a couple of awards over recent months for what it does (using you an affordable way to spend 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 simply invest as you would on a typical debit card and the money is taken from your existing account– simply without the normal 3% fee.
Oh, and is complimentary to obtain, which also helps.
There are likewise some interesting travel benefits if you pick a paid plan, however the totally free strategy works fine. You can use here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or cheaper than the competition
include a growing number of functions which your existing customers don’t truly want or require
include limitations, charges or costs 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 ideally stay there. Monzo, revolut and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How Can I Put Money On My Currensea Card
It is a complimentary direct debit card to use abroad and which immediately charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
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 credit card offering 0% forex charges, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
However, charge card which provide rewards and charge 0% FX costs are few and far between. The only ‘miles and points’ options which use a partial solution 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 charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, a very 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, internationally).
Your current account bank automatically validates that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, adds a 0.5% fee. There are no charges if you have among their paid cards.
You get an automated spend notice via the app, if you select to install it.
The cash is drawn from your bank account a few days later.
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 arranged to leave my HSBC account a few days later:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to happen (frequently in a various language) while not telling you about the exorbitant currency conversion fees occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea promises big cost savings (85%) and a terrific 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 invest money you have in your existing bank account with less worry about lacking cash and the extra step. But that does not mean it is best.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make earnings from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be found on our pricing strategies.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also removes all FX markup on transactions.
Whenever you invest with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be credited you. How Can I Put Money On My Currensea Card