A new fintech company which I was presented to previously this year. Transfer Money From Credit Card To Currensea…
It has actually won a few awards over current months for what it does (providing you an affordable method to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, efficiently, 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– simply without the usual 3% fee.
Oh, and is complimentary to get, which likewise helps.
There are also some intriguing travel advantages if you choose a paid strategy, but the free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add more and more features which your existing consumers do not really want or need
add constraints, charges or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, curve and revolut are already in Stage 3 …
is simple 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? Transfer Money From Credit Card To Currensea
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are couple of and far between. The only ‘miles and points’ options which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX charges 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 impact your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, moms and dads, 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 said previously, a very simple 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 bank account bank immediately validates that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% charge if you have the complimentary card. If you have one of their paid cards, there are no fees.
You get an automatic invest notice via the app, if you pick to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 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 couple of days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (typically in a different language) while not telling you about the inflated currency conversion charges occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully in the last few years a handful of great travel debit cards have popped onto the scene … and like other terrific cards guarantees big cost savings (85%) and a terrific app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest cash you have in your existing bank account with less worry about lacking money and the extra step. That does not indicate it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the options, 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 transaction, permitting us to make profits from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our plans, complete details can be discovered on our rates plans.
We charge a yearly membership fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on deals.
Every time you invest with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and won’t be credited you. Transfer Money From Credit Card To Currensea