A new fintech business which I was introduced to previously this year. How To Add A Card To Currensea…
It has won a few awards over recent months for what it does (using you an affordable way to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the cash is taken from your current account– simply without the normal 3% charge.
Oh, and is free to make an application for, which also assists.
There are likewise some intriguing travel benefits if you select a paid strategy, however the complimentary strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and for free or cheaper than the competition
include more and more features which your existing customers don’t truly desire or require
include charges, restrictions or charges to the function that made individuals get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Curve, Revolut and Monzo are already in Stage 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 To Add A Card To Currensea
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you desire totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX costs are few and far in between. The only ‘miles and points’ choices 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 fees and do not want to impact your credit report by getting another charge card specifically to utilize abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals per month with no charges and only a minimal FX mark-up (there is a small fee beyond , 500).
you want a product for you, your adult kids, moms and dads, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, a very basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your bank account bank automatically confirms that you have adequate cash in your account and authorises the deal.
The transaction 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. If you have one of their paid cards, there are no costs.
You get an automated invest notification via the app, if you select to install it.
The cash is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I decided 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:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is just about to occur (frequently in a various language) while not telling you about the expensive currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea guarantees big 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 bank account.
What this indicates is you can invest cash you have in your existing bank account with less fret about running out of cash and the additional step. But that does not indicate it is ideal.
In this Currensea evaluation is the good, the bad, the awful and the alternatives, 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 transaction, enabling us to make earnings from our Necessary Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free amount on all our strategies, complete information can be discovered on our prices plans.
We charge an annual subscription cost 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 invest with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and will not be charged to you. How To Add A Card To Currensea