A brand-new fintech business which I was introduced to earlier this year. Use A Credit Or Debit Card To Top Up Currensea…
It has actually won a few awards over recent months for what it does (providing you an affordable method to invest abroad) but what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. You simply spend as you would on a typical debit card and the money is taken from your current account– just without the usual 3% fee.
Oh, and is complimentary to get, which also assists.
There are likewise some intriguing travel benefits if you select a paid plan, but the totally free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competitors
include increasingly more features which your existing customers don’t actually require or want
include limitations, charges or charges to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Monzo, revolut and curve are already in Stage 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Use A Credit Or Debit Card To Top Up 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 small 0.5% charge.
You don’t (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
However, credit cards which use rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ options which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any fees and only a minimal 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 needs an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a really simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly validates that you have adequate cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, adds a 0.5% cost. There are no charges if you have one of their paid cards.
You get an automated invest alert via the app, if you select to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any 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 shows , 4.33 arranged to leave my HSBC account a few days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (often in a different language) while not telling you about the expensive currency conversion fees happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Luckily in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other excellent cards promises big savings (85%) and a terrific app.
However I believe the best bit might be what no other card does: links to your existing high street checking account.
What this implies is you can invest cash you have in your existing current account with less worry about lacking cash and the additional action. However that does not suggest it is best.
In this Currensea review 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 Essential Strategy of 0.5% per deal, allowing us to make profits from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our strategies, complete information can be discovered on our pricing strategies.
We charge an annual subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on transactions.
Whenever you invest 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. Use A Credit Or Debit Card To Top Up Currensea