A new fintech business which I was presented to earlier this year. Can You Transfer Euros To A British Currensea Card…
It has actually won a few awards over current months for what it does (using you a low-cost way to spend abroad) but what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You just invest as you would on a regular debit card and the money is taken from your existing account– just without the normal 3% fee.
Oh, and is totally free to apply for, which also helps.
There are likewise some fascinating travel benefits if you pick a paid strategy, however the totally free strategy works fine. You can apply here.
There is an organization design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or cheaper than the competitors
add a growing number of functions which your existing customers do not really require or desire
add charges, costs or restrictions to the feature that made individuals get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Phase 3 …
is easy enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can You Transfer Euros To A British Currensea Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing bank 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 want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX costs are few and far between. The only ‘points and miles’ choices which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps 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 specifically to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a very little FX mark-up (there is a little cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who needs an easy, 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 simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately validates that you have enough cash in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no costs.
You get an automated invest notice by means of the app, if you pick to install it.
The money is taken from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I decided 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 couple of days later:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is almost to occur (typically in a various language) while not telling you about the exorbitant currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of great travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees huge savings (85%) and a great app.
But I think the best bit might be what no other card does: connects to your existing high street bank account.
What this implies is you can spend money you have in your existing current account with less stress over running out of cash and the additional step. That does not indicate it is best.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, permitting us to make revenue from our Vital Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free quantity on all our plans, full information can be discovered on our prices plans.
We charge an annual subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge also gets rid of all FX markup on transactions.
Every time you invest with your card we get a little % of the deal, known as interchange, this comes directly from the merchant and will not be credited you. Can You Transfer Euros To A British Currensea Card