A new fintech business which I was introduced to previously this year. Can You Pay Cash Straight Onto Currensea Card…
It has actually won a few awards over recent months for what it does (offering you a low-priced way to invest 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. You merely invest as you would on a regular debit card and the cash is taken from your present account– simply without the normal 3% cost.
Oh, and is complimentary to make an application for, which also helps.
There are also some interesting travel advantages if you pick a paid strategy, but the free plan works fine. You can apply here.
There is a business model in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
add increasingly more features which your existing customers don’t truly desire or need
add constraints, costs or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Phase 3 …
is easy 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 You Pay Cash Straight Onto Currensea Card
It is a free direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% forex charges, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card specifically to use abroad
you want a product which enables 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 small fee beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I stated earlier, a very basic process. 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 bank account bank instantly validates that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the complimentary card. If you have one of their paid cards, there are no costs.
You get an automatic spend notification via the app, if you choose to install it.
The cash is drawn from your bank account a couple of days later.
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 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (often in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me started. Anyhow back to the positives for a bit anyway.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards Currensea assures big cost savings (85%) and an excellent app.
I believe the best bit might be what no other card does: links to your existing high street bank account.
What this means is you can spend money you have in your existing current account with less fret about running out of money and the additional action. That does not indicate it is best.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can choose.
While our premium strategies 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 Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, complete information can be found on our pricing strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Each time you invest with your card we get a small % of the deal, called interchange, this comes directly from the merchant and won’t be credited you. Can You Pay Cash Straight Onto Currensea Card