A brand-new fintech company which I was introduced to previously this year. Can You Add Cash To Currensea Card…
It has actually won a couple of awards over recent months for what it does (using you a low-cost method to invest abroad) but what I like about is that it is basic as hell. This is a good idea.
is, effectively, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your present account– simply without the typical 3% cost.
Oh, and is complimentary to obtain, which likewise helps.
There are also some intriguing travel advantages if you pick a paid plan, however the totally free strategy works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competition
add a growing number of features which your existing clients don’t really want or need
include limitations, costs or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will ideally stay there. Monzo, curve and revolut are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can You Add Cash To Currensea Card
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX charges are couple of and far between. The only ‘points and miles’ alternatives which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX charges and do not want to affect your credit report by getting another charge card specifically to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a little cost 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 cash when taking a trip.
How does work in practice?
It is, as I said previously, a really easy procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank immediately validates 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 on the currency. If you have the free card, adds a 0.5% charge. There are no costs if you have one of their paid cards.
You get an automatic spend notice through the app, if you pick to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to take place (often in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures huge savings (85%) and an excellent app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing current account with less fret about lacking cash and the additional action. That does not mean it is perfect.
In this Currensea review is the great, the bad, the ugly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Vital Strategy of 0.5% per deal, permitting us to make revenue 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 free quantity on all our plans, complete information can be discovered on our rates strategies.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge likewise eliminates all FX markup on transactions.
Whenever you spend with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. Can You Add Cash To Currensea Card