A new fintech business which I was presented to earlier this year. How To Transfer Money From Bank Account To Currensea Card…
It has actually won a couple of awards over recent months for what it does (offering you an affordable way to invest abroad) but what I like about is that it is simple 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 existing account– simply without the usual 3% charge.
Oh, and is free to look for, which also helps.
There are also some intriguing travel advantages if you select a paid plan, however the totally free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or cheaper than the competitors
include more and more features which your existing consumers do not truly require or want
add fees, constraints or charges to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 3 …
is simple 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? How To Transfer Money From Bank Account To Currensea Card
It is a totally free direct debit card to utilize abroad and which automatically 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 wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are few and far in between. The only ‘miles and points’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another credit card specifically to use abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals each month without any costs and only a minimal FX mark-up (there is a little cost beyond , 500).
you want a product for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said previously, a very easy process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank automatically verifies that you have sufficient money 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 totally free card, adds a 0.5% charge. If you have one of their paid cards, there are no costs.
You get an automated spend notification through the app, if you select to install it.
The cash is taken from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided 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 few days later on:.
However transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (frequently in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
In recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees big savings (85%) and a great app.
I think the finest bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing current account with less worry about running out of cash and the extra step. However that does not imply it is ideal.
In this Currensea review is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, permitting us to make income from our Vital Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our strategies, complete details can be found on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription charge also gets rid of all FX markup on deals.
Whenever you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be charged to you. How To Transfer Money From Bank Account To Currensea Card