A brand-new fintech company which I was introduced to previously this year. Can I Topo Up Currensea With Credit Card…
It has actually won a few awards over current months for what it does (offering you an affordable way to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. You just invest as you would on a typical debit card and the money is taken from your existing account– just without the normal 3% charge.
Oh, and is free to obtain, which also helps.
There are also some interesting travel benefits if you choose a paid plan, but the complimentary strategy works fine. You can use here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competition
include a growing number of functions which your existing clients don’t actually desire or require
add charges, fees or restrictions to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is simple 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? Can I Topo Up Currensea With Credit Card
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
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% forex charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another charge card specifically to use abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a very little FX mark-up (there is a little charge beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank instantly verifies that you have adequate money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% fee if you have the totally free card. If you have one of their paid cards, there are no charges.
You get an automated spend notice via the app, if you pick to install it.
The cash is taken from your current account a few 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 couple of days later:.
However converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (typically in a different language) while not telling you about the exorbitant currency conversion fees taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other great cards guarantees huge savings (85%) and a terrific app.
I believe the finest bit may be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less stress over lacking cash and the additional action. That does not imply it is ideal.
In this Currensea evaluation is the good, 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 Necessary Strategy of 0.5% per deal, permitting us to make income 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 usage over the totally free amount on all our plans, 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 Strategy. The membership charge also removes all FX markup on deals.
Each time you spend with your card we receive a little % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. Can I Topo Up Currensea With Credit Card