A brand-new fintech business which I was introduced to earlier this year. Where Do I Top Up My Currensea Card…
It has actually won a couple of awards over recent months for what it does (offering you a low-cost method to invest abroad) however what I like about is that it is simple as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You merely spend as you would on a typical debit card and the money is drawn from your bank account– just without the normal 3% charge.
Oh, and is free to get, which also assists.
There are also some intriguing travel advantages if you choose a paid plan, but the complimentary plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and for free or more affordable than the competitors
add more and more features which your existing customers don’t truly need or want
add fees, charges or limitations to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Where Do I Top Up My Currensea Card
It is a complimentary direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
That’s it.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are few and far in between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want a product which allows you to make �,� 500 of foreign currency ATM withdrawals monthly with no charges and just a minimal FX mark-up (there is a little cost beyond �,� 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said previously, a really basic 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 bank account bank instantly confirms that you have sufficient cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% charge if you have the free card. There are no fees if you have among their paid cards.
You get an automated spend alert via the app, if you choose to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 arranged to leave my HSBC account a few days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to take place (frequently in a various language) while not telling you about the outrageous currency conversion fees taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Luckily recently a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards promises big savings (85%) and a terrific app.
But I think the best bit might be what no other card does: links to your existing high street checking account.
What this indicates is you can spend cash you have in your existing bank account with less worry about lacking money and the additional step. However that does not suggest it is ideal.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make earnings from our Essential Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, full information can be found on our prices plans.
Subscription costs.
We charge an annual membership fee of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Plan. The membership charge also removes all FX markup on transactions.
Interchange.
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 credited you. Where Do I Top Up My Currensea Card