A brand-new fintech business which I was presented to previously this year. How Can I Put Cash On My Currensea Card…
It has won a couple of awards over recent months for what it does (using you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your current account– just without the usual 3% charge.
Oh, and is complimentary to look for, which likewise assists.
There are also some intriguing travel advantages if you select a paid plan, however the totally free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or less expensive than the competitors
add more and more features which your existing customers do not truly desire or require
add charges, charges or restrictions to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are already in Stage 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How Can I Put Cash On My Currensea Card
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
That’s it.
You do not (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a credit card offering 0% forex costs, then you don’t need 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’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to use abroad
you desire a product 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 charge beyond �,� 500).
you want an item for you, your adult kids, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I stated previously, an extremely easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your bank account bank immediately validates that you have adequate money 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% cost if you have the complimentary card. There are no charges if you have one of their paid cards.
You get an automated spend notice through the app, if you choose to install it.
The money is drawn from your bank account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 arranged to leave my HSBC account a few days later on:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to take place (frequently in a different language) while not telling you about the inflated currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards assures huge cost savings (85%) and a terrific app.
But I believe the best bit might be what no other card does: links to your existing high street savings account.
What this implies is you can invest money you have in your existing bank account with less worry about lacking money and the additional action. But that does not imply it is best.
In this Currensea review is the excellent, the bad, the awful and the options, so that you can decide.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, permitting us to make profits from our Vital Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free amount on all our plans, complete details can be found on our rates plans.
Membership fees.
We charge an annual membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost also eliminates all FX markup on deals.
Interchange.
Whenever you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. How Can I Put Cash On My Currensea Card