A new fintech business which I was presented to previously this year. Currensea Top Up From Credit Card…
It has actually won a couple of awards over current months for what it does (using you an inexpensive way to spend abroad) however what I like about is that it is easy as hell. This is a good thing.
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 simply invest as you would on a regular debit card and the money is drawn from your current account– just without the usual 3% cost.
Oh, and is totally free to get, which likewise helps.
There are likewise some interesting travel benefits if you choose a paid strategy, however the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add a growing number of functions which your existing clients don’t actually desire or need
add fees, limitations or charges to the function that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are already in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Currensea Top Up From Credit Card
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX costs are couple of and far in between. The only ‘miles and points’ choices which offer a partial service 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 charge card offering 0% FX charges and do not want to impact your credit report by getting another charge card particularly to use abroad
you want an item which permits you to make , 500 of foreign currency ATM withdrawals each month with no charges and only a minimal FX mark-up (there is a small cost beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, a really simple procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank instantly validates that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on 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 invest notice by means of the app, if you choose to install it.
The cash is taken from your bank account a few days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash 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 few days later on:.
But converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (typically in a various language) while not telling you about the expensive currency conversion charges occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of excellent travel debit cards have actually popped onto the scene … and like other great cards Currensea assures big cost savings (85%) and a fantastic app.
But I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend cash you have in your existing bank account with less stress over running out of cash and the additional action. However that does not imply it is perfect.
In this Currensea review is the good, the bad, the awful and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, allowing us to make revenue from our Essential Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, complete details can be discovered on our prices strategies.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on transactions.
Whenever you spend with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Top Up From Credit Card