A new fintech company which I was presented to earlier this year. Can Someone Send Money To My Currensea Card…
It has actually won a few awards over recent months for what it does (providing you a low-cost way to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, successfully, 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 just invest as you would on a typical debit card and the cash is taken from your bank account– just without the normal 3% charge.
Oh, and is totally free to get, which also assists.
There are also some fascinating travel advantages if you pick a paid plan, however the free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and for free or more affordable than the competitors
add a growing number of functions which your existing customers don’t truly require or desire
add charges, costs or limitations to the function that made individuals get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are currently in Phase 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 Someone Send Money To My Currensea Card
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex costs, then you do not need a card, unless you desire free ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX fees are couple of and far between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not want to impact your credit report by getting another charge card particularly to utilize abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals monthly with no fees and only a very little FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult kids, moms and dads, partner or anyone else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said earlier, a really basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly verifies 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 upon the currency. includes a 0.5% charge if you have the free card. There are no charges if you have one of their paid cards.
You get an automatic spend notification via the app, if you select to install it.
The cash is taken from your current account a couple of days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle 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 couple of days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (often in a different language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Thankfully in the last few years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards guarantees big cost savings (85%) and a terrific app.
However 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 spend money you have in your existing bank account with less fret about running out of cash and the extra step. But that does not mean it is perfect.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, enabling us to make income from our Vital Plan whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our plans, full information can be discovered on our prices strategies.
We charge a yearly membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on transactions.
Every time you invest with your card we receive a small % of the transaction, called interchange, this comes directly from the merchant and won’t be charged to you. Can Someone Send Money To My Currensea Card