A brand-new fintech business which I was presented to earlier this year. Can I Put Money On My Currensea Card…
It has won a few awards over current months for what it does (offering you a low-cost method to spend abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. You just invest as you would on a typical debit card and the money is taken from your current account– just without the usual 3% cost.
Oh, and is free to look for, which also helps.
There are also some interesting travel advantages if you choose a paid strategy, 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 all followed:
launch by doing something well, and for free or more affordable than the competitors
include increasingly more functions which your existing consumers don’t truly desire or require
include limitations, charges or charges to the function that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Curve, monzo and revolut are currently in Stage 3 …
is easy 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? Can I Put Money On My Currensea Card
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you do not require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
However, credit cards which use benefits and charge 0% FX charges are few and far between. The only ‘miles and points’ choices which offer a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX fees and do not want to affect your credit report by getting another charge card particularly to use abroad
you desire an item which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a minimal FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I stated previously, a really simple procedure. 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 current account bank immediately validates that you have sufficient cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the totally free card, includes a 0.5% fee. If you have one of their paid cards, there are no charges.
You get an automated invest notification by means of the app, if you pick to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the diary, I decided to splash out and buy 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:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (typically in a different language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me started. Anyhow back to the positives for a bit anyway.
Thankfully recently a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a fantastic app.
I believe the finest bit might be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less worry about lacking cash and the additional step. But that does not imply it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per transaction, allowing us to make income from our Necessary Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full information can be found on our rates plans.
We charge a yearly subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise gets rid of all FX markup on transactions.
Each time you invest with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. Can I Put Money On My Currensea Card