A new fintech company which I was introduced to earlier this year. Can I Transfer Money From Credit Card To Currensea…
It has actually won a few awards over recent months for what it does (using you an affordable way to spend abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You simply invest as you would on a regular debit card and the cash is taken from your bank account– just without the usual 3% charge.
Oh, and is complimentary to get, which also assists.
There are also some intriguing travel benefits if you choose a paid plan, however the free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and for free or less expensive than the competitors
add more and more features which your existing consumers don’t actually desire or require
add charges, restrictions or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are already in Stage 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? Can I Transfer Money From Credit Card To Currensea
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you do not require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ options which provide a partial service are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX charges and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated previously, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no fees.
You get an automated invest notification through the app, if you choose to install it.
The cash is drawn from your bank 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 set up to leave my HSBC account a few days later:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (frequently in a different language) while not telling you about the outrageous currency conversion charges taking place in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea guarantees big cost savings (85%) and a great app.
However I believe the very best bit might be what no other card does: links to your existing high street checking account.
What this means is you can spend money you have in your existing current account with less worry about lacking cash and the additional step. But that does not imply it is ideal.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, 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 transaction, permitting us to make earnings from our Important Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, complete information can be discovered on our rates strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost also eliminates all FX markup on deals.
Whenever you spend with your card we receive a little % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Can I Transfer Money From Credit Card To Currensea