A new fintech company which I was presented to previously this year. How Do I Top Up Currensea Card…
It has actually won a few awards over current months for what it does (using you a low-cost 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. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You just spend as you would on a typical debit card and the money is drawn from your bank account– just without the normal 3% fee.
Oh, and is free to get, which also assists.
There are also some interesting travel advantages if you select a paid strategy, however the complimentary plan works fine. You can apply here.
There is a service design 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 competition
add more and more features which your existing customers don’t really want or need
include charges, charges or constraints to the feature 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 ideally stay there. Monzo, revolut and curve are already in Stage 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How Do I Top Up Currensea Card
It is a free direct debit card to utilize abroad and which automatically charges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You don’t (yet …) make any airline company miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you don’t require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX charges are few and far in between. The only ‘points and miles’ options which provide a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a charge card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to utilize abroad
you want a product which permits you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult children, parents, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your bank account bank instantly validates that you have adequate 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. If you have the free card, includes a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automated spend notice by means of the app, if you select to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any foreign travel in the journal, I decided to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 arranged to leave my HSBC account a few days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is just about to occur (typically in a different language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures huge savings (85%) and a great app.
But I think the best bit might be what no other card does: connects to your existing high street bank 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 step. However that does not imply it is ideal.
In this Currensea review is the great, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per deal, permitting us to make income from our Necessary Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, full information can be discovered on our rates plans.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on transactions.
Every time you spend with your card we get a little % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. How Do I Top Up Currensea Card