A new fintech company which I was introduced to earlier this year. Using A Barclays Credit Card To Top Up Currensea…
It has won a couple of awards over recent months for what it does (offering you an inexpensive method to invest abroad) however what I like about is that it is easy as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your existing account– simply without the typical 3% charge.
Oh, and is free to obtain, which also helps.
There are likewise some intriguing travel advantages if you pick a paid plan, however the totally free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or cheaper than the competition
include a growing number of functions which your existing customers do not truly desire or need
add constraints, charges 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 Phase 1 of this procedure and will ideally remain there. Revolut, curve and monzo are currently in Phase 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? Using A Barclays Credit Card To Top Up Currensea
It is a complimentary direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which provide a partial service are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card particularly to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult kids, parents, 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, an extremely 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, worldwide).
Your bank account bank instantly verifies that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the complimentary card, adds a 0.5% charge. If you have one of their paid cards, there are no fees.
You get an automated invest notice by means of the app, if you choose 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 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 couple of days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is almost to occur (often in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures huge savings (85%) and a terrific app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less fret about running out of cash and the additional step. That does not mean it is ideal.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per deal, enabling us to make earnings from our Important Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete details can be discovered on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee also eliminates all FX markup on transactions.
Each time you spend with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and won’t be charged to you. Using A Barclays Credit Card To Top Up Currensea