A new fintech company which I was introduced to earlier this year. Top Up Currensea Card With Credit Card…
It has won a few awards over recent months for what it does (providing you a low-cost way to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, successfully, a direct debit travel card. You merely spend as you would on a typical debit card and the money is taken from your present account– just without the usual 3% fee.
Oh, and is free to obtain, which likewise assists.
There are also some interesting travel benefits if you pick a paid strategy, but the free plan works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or less expensive than the competition
add more and more functions which your existing clients do not really need or desire
include charges, restrictions or charges to the feature that made people 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. Revolut, curve and monzo are currently in Stage 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Top Up Currensea Card With Credit Card
It is a free direct debit card to utilize abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex charges, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which use rewards and charge 0% FX fees are rare. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a minimal FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated previously, a very basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
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% charge if you have the complimentary card. There are no fees if you have one of their paid cards.
You get an automated spend notification by means of the app, if you select to install it.
The cash is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 set up to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to occur (often in a various language) while not telling you about the inflated currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees huge cost savings (85%) and an excellent app.
However I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less stress over running out of money and the additional action. That does not imply it is best.
In this Currensea evaluation is the good, the bad, the awful and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, permitting us to make revenue from our Vital Plan 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 complimentary amount on all our plans, complete information can be discovered on our pricing plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on deals.
Each time you spend with your card we get a little % of the transaction, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Top Up Currensea Card With Credit Card