A new fintech company which I was presented to previously this year. How To Add New Bank Card To Currensea…
It has actually won a few awards over current months for what it does (offering you an inexpensive way to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply spend as you would on a typical debit card and the cash is taken from your current account– just without the usual 3% fee.
Oh, and is free to make an application for, which also helps.
There are also some interesting travel benefits if you choose a paid plan, but the totally free plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
add increasingly more functions which your existing clients don’t actually require or desire
include fees, restrictions or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? How To Add New Bank Card To Currensea
It is a totally 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% cost.
You do not (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you do not need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, credit cards which offer benefits and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps 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 credit card specifically to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I said previously, an extremely simple process. You use 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 validates 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 on the currency. If you have the totally free card, adds a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automatic spend notification through the app, if you pick to install it.
The cash is drawn from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, 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 daylight burglary that is practically to take place (often in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Thankfully in the last few years a handful of excellent travel debit cards have popped onto the scene … and like other excellent cards promises big savings (85%) and a great app.
I believe the best bit may be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing current account with less fret about running out of money and the additional action. However that does not suggest it is perfect.
In this Currensea evaluation is the excellent, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, allowing us to make profits from our Essential Strategy whilst staying 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 plans, complete information can be found on our prices strategies.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on deals.
Whenever you invest with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and will not be credited you. How To Add New Bank Card To Currensea