A brand-new fintech company which I was introduced to earlier this year. Can I Top Up My Currensea Card With Cash…
It has won a couple of awards over recent months for what it does (offering you an inexpensive way to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. You merely spend as you would on a regular debit card and the cash is taken from your current account– simply without the normal 3% cost.
Oh, and is complimentary to make an application for, which also helps.
There are likewise some fascinating travel advantages if you pick a paid plan, however the free plan works fine. You can apply here.
There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or less expensive than the competition
add more and more features which your existing customers do not truly desire or require
add constraints, charges or fees to the function that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully stay there. Monzo, curve and revolut are currently 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 Top Up My Currensea Card With Cash
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 …) 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 charges, then you don’t need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ choices which provide a partial service 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 charge card offering 0% FX charges and do not want to affect your credit report by getting another charge card specifically to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anybody 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 said earlier, a very simple 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 current account bank automatically confirms that you have enough 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. includes a 0.5% charge if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated spend alert by means of the app, if you pick to install it.
The cash is taken from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to splash 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:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to occur (often in a various language) while not telling you about the expensive currency conversion fees occurring in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea promises huge savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest cash you have in your existing bank account with less stress over running out of money and the additional step. However that does not suggest it is perfect.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, permitting us to make profits from our Important Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free quantity on all our strategies, complete details can be found on our pricing strategies.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise eliminates all FX markup on deals.
Whenever you spend with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. Can I Top Up My Currensea Card With Cash