A brand-new fintech company which I was introduced to previously this year. Can I Pay Cash Into My Currensea Card…
It has actually won a few awards over current months for what it does (offering you a low-priced way to spend abroad) however what I like about is that it is simple as hell. This is a good idea.
is, efficiently, a direct debit travel card. You simply invest as you would on a normal debit card and the cash is taken from your present account– simply without the typical 3% cost.
Oh, and is free to apply for, which also helps.
There are also some interesting travel benefits if you pick a paid strategy, however the free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include a growing number of functions which your existing clients do not truly require or want
include charges, costs or constraints to the function that made individuals get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Curve, monzo and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Can I Pay Cash Into My Currensea Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
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% forex charges, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another charge card particularly to utilize abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a minimal FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I stated previously, a really easy process. 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 bank account bank automatically validates that you have sufficient 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. If you have the complimentary card, adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated spend notice through the app, if you choose to install it.
The money 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 set up to leave my HSBC account a few days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (often in a various language) while not telling you about the inflated currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Luckily recently a handful of great travel debit cards have popped onto the scene … and like other great cards guarantees big cost savings (85%) and an excellent app.
But I think the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can spend cash you have in your existing bank account with less fret about running out of cash and the additional step. That does not imply it is best.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, allowing us to make profits from our Important Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our plans, complete details can be discovered on our pricing strategies.
We charge an annual subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on transactions.
Whenever you spend with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and will not be charged to you. Can I Pay Cash Into My Currensea Card