A brand-new fintech company which I was introduced to earlier this year. Top Up Card Currensea…
It has won a few awards over current months for what it does (offering you an inexpensive way to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
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 simply invest as you would on a normal debit card and the cash is drawn from your current account– simply without the typical 3% fee.
Oh, and is free to make an application for, which also assists.
There are also some intriguing travel benefits if you select a paid plan, however the totally free plan works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
include more and more functions which your existing customers do not actually want or require
add charges, constraints or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Revolut, curve and monzo are currently in Stage 3 …
is basic 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? Top Up Card Currensea
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX costs are couple of and far in between. The only ‘points and miles’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you desire 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 fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I stated previously, an extremely easy 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 validates that you have enough 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. adds a 0.5% cost if you have the complimentary card. There are no charges if you have among their paid cards.
You get an automatic spend notice via the app, if you pick to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a couple of days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (often in a various language) while not telling you about the inflated currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Fortunately recently a handful of terrific travel debit cards have popped onto the scene … and like other great cards guarantees big savings (85%) and an excellent app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can spend cash you have in your existing bank account with less stress over running out of money and the additional action. However that does not imply it is best.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make earnings from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the complimentary amount on all our plans, full information can be found on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on transactions.
Every time you spend with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be credited you. Top Up Card Currensea