A new fintech business which I was introduced to previously this year. How Can I Put Money On My Currensea Card…
It has actually won a couple of awards over recent months for what it does (providing you a low-priced method to invest abroad) but what I like about is that it is easy as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You just spend as you would on a regular debit card and the cash is drawn from your bank account– simply without the normal 3% cost.
Oh, and is totally free to apply for, which likewise helps.
There are also some fascinating travel advantages if you select a paid strategy, but the complimentary strategy works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and free of charge or less expensive than the competition
add a growing number of features which your existing customers don’t truly desire or need
add constraints, charges or costs to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this procedure and will hopefully remain there. Revolut, curve and monzo are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? How Can I Put Money On My Currensea Card
It is a free direct debit card to use abroad and which automatically charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline company miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% foreign exchange fees, then you don’t require a card, unless you desire free ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to use abroad
you desire an item which enables you to make , 500 of foreign currency ATM withdrawals per month without any charges and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when travelling.
How does operate in practice?
It is, as I stated previously, a really 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, internationally).
Your bank account bank automatically verifies that you have enough money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% charge. There are no charges if you have among their paid cards.
You get an automated spend notification by means of the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, 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 set up to leave my HSBC account a few days later on:.
But transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is almost to occur (often in a different language) while not telling you about the exorbitant currency conversion charges occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and a fantastic app.
But I think the very best bit might be what no other card does: links to your existing high street savings account.
What this indicates is you can invest cash you have in your existing current account with less worry about running out of money and the additional action. That does not indicate it is best.
In this Currensea review is the excellent, the bad, the unsightly 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 Plan of 0.5% per transaction, permitting us to make revenue from our Necessary Plan whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, full information can be found on our prices strategies.
We charge a yearly subscription charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership fee also gets rid of all FX markup on transactions.
Whenever you spend with your card we receive a small % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. How Can I Put Money On My Currensea Card