A new fintech company which I was presented to earlier this year. How To Add Funds To Currensea Card…
It has actually won a couple of awards over recent months for what it does (using you a low-cost way to invest abroad) but what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is taken from your bank account– just without the normal 3% charge.
Oh, and is complimentary to obtain, which also helps.
There are also some interesting travel benefits if you choose a paid strategy, but the free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or less expensive than the competitors
add more and more features which your existing consumers don’t really require or desire
include charges, constraints or charges to the feature that made people get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How To Add Funds To Currensea Card
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 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 need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which use rewards and charge 0% FX charges are few and far between. The only ‘miles and points’ options which offer a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps 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 particularly to utilize abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone 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 said earlier, a really easy procedure. You utilize 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 automatically confirms that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% cost if you have the totally free card. There are no costs if you have among their paid cards.
You get an automatic spend notice by means of the app, if you choose to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (often in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Luckily in recent years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards promises huge savings (85%) and a fantastic app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can spend cash you have in your existing current account with less stress over lacking money and the extra action. However that does not mean it is ideal.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, permitting us to make revenue from our Important Strategy whilst staying more affordable 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 strategies, full details can be found on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise removes all FX markup on transactions.
Whenever you spend with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. How To Add Funds To Currensea Card