A brand-new fintech business which I was introduced to previously this year. Can I Put Cash Into My Currensea Card…
It has actually won a couple of awards over current months for what it does (providing 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, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You merely spend as you would on a typical debit card and the money is taken from your current account– just without the typical 3% charge.
Oh, and is totally free to make an application for, which also helps.
There are likewise some interesting travel advantages if you choose a paid strategy, but the complimentary 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 something well, and for free or less expensive than the competition
add a growing number of features which your existing consumers don’t really need or want
include charges, costs or limitations to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Monzo, revolut and curve are already 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? Can I Put Cash Into My Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ alternatives which use a partial option are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not want to impact your credit report by getting another credit card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and just a very little FX mark-up (there is a little cost beyond , 500).
you desire an item 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 conserve them money when taking a trip.
How does work in practice?
It is, as I said earlier, a really simple process. 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 bank account bank automatically confirms that you have enough cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the free card. If you have one of their paid cards, there are no fees.
You get an automated invest notification by means of the app, if you pick to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. Without any 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:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is just about to happen (frequently in a different language) while not telling you about the inflated currency conversion fees taking place in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
In recent years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards Currensea assures big cost savings (85%) and a great app.
However I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less fret about lacking cash and the additional action. But that does not mean 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 nominal FX markup on our Necessary Strategy of 0.5% per transaction, enabling us to make earnings from our Necessary Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, complete details can be discovered on our rates plans.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription cost likewise removes all FX markup on deals.
Each time you spend with your card we receive a little % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Can I Put Cash Into My Currensea Card