A new fintech company which I was introduced to earlier this year. Add Money To Currensea Card…
It has won a few awards over current months for what it does (offering you a low-priced method to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You just invest as you would on a regular debit card and the cash is taken from your existing account– simply without the usual 3% fee.
Oh, and is totally free to obtain, which likewise assists.
There are also some intriguing travel benefits if you pick a paid plan, however the complimentary strategy works fine. You can use here.
There is an organization design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or less expensive than the competition
add more and more features which your existing consumers do not truly need or desire
include fees, restrictions or charges to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Revolut, monzo and curve are currently in Stage 3 …
is simple 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? Add Money To Currensea Card
It is a free direct debit card to use abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘points and miles’ choices 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 don’t have a credit 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 permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a minimal FX mark-up (there is a little charge beyond , 500).
you desire a product for you, your adult kids, parents, partner or anyone else in your life who needs a basic, 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 basic procedure. You utilize 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 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 upon the currency. If you have the free card, adds a 0.5% fee. There are no costs if you have among their paid cards.
You get an automated invest 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 diary, I chose to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 arranged to leave my HSBC account a couple of days later on:.
But transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to take place (frequently in a different language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Thankfully recently a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards assures big cost savings (85%) and a terrific app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can invest cash you have in your existing current account with less fret about lacking money and the extra action. That does not mean it is ideal.
In this Currensea review is the good, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, permitting us to make income from our Necessary Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the totally free quantity on all our plans, complete details can be discovered on our rates plans.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee likewise eliminates all FX markup on transactions.
Each time you spend with your card we receive a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be charged to you. Add Money To Currensea Card