A brand-new fintech company which I was presented to previously this year. Can I Top Up Currensea With Credit Card…
It has won a few awards over recent months for what it does (providing you an inexpensive way to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You simply spend as you would on a typical debit card and the money is taken from your bank account– just without the usual 3% charge.
Oh, and is free to get, which likewise helps.
There are likewise some fascinating travel benefits if you pick a paid strategy, however the free strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or cheaper than the competition
include a growing number of functions which your existing customers don’t actually require or desire
include charges, charges or limitations to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Monzo, revolut and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Top Up Currensea With Credit Card
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (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 require a card, unless you want free ATM withdrawals. You can stop reading now.
However, credit cards which provide benefits and charge 0% FX fees are rare. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a very little FX mark-up (there is a little charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said earlier, an extremely basic 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 current account bank instantly validates that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no costs.
You get an automatic invest alert via the app, if you choose to install it.
The money is taken from your bank account a couple of days later.
Here is an example. With no foreign travel in the diary, 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 set up to leave my HSBC account a couple of days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to happen (often in a various language) while not telling you about the exorbitant currency conversion charges occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures huge savings (85%) and a terrific app.
However I think the very best bit might be what no other card does: connects to your existing high street checking account.
What this implies is you can spend cash you have in your existing bank account with less stress over lacking cash and the extra step. But that does not suggest it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Strategy of 0.5% per deal, enabling us to make revenue from our Vital Strategy whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our strategies, complete information can be found on our pricing strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost likewise eliminates all FX markup on deals.
Whenever you invest 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. Can I Top Up Currensea With Credit Card