A new fintech business which I was introduced to previously this year. How To Load Money Into Currensea Card…
It has actually won a few awards over recent months for what it does (providing you a low-cost method to invest abroad) but what I like about is that it is simple as hell. This is an advantage.
is, efficiently, a direct debit travel card. You simply spend as you would on a regular debit card and the cash is taken from your existing account– simply without the typical 3% fee.
Oh, and is totally free to obtain, which likewise assists.
There are also some interesting travel benefits if you select a paid plan, however the totally free 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 totally free or more affordable than the competitors
include a growing number of functions which your existing clients don’t really require or desire
include charges, costs or restrictions to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, monzo and revolut are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How To Load Money Into Currensea Card
It is a totally free direct debit card to utilize abroad and which automatically charges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
You do not (yet …) earn 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% foreign exchange charges, then you do not require a card, unless you want free ATM withdrawals. You can stop reading now.
Nevertheless, credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you don’t have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals monthly with no fees and just a minimal FX mark-up (there is a small fee beyond , 500).
you want an item for you, your adult children, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I said previously, a very 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 immediately verifies that you have adequate cash in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. includes a 0.5% fee if you have the free card. If you have one of their paid cards, there are no charges.
You get an automated spend alert via the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
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 shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to take place (often in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards Currensea assures big cost savings (85%) and a fantastic app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can invest money you have in your existing bank account with less fret about running out of money and the extra action. But that does not imply it is ideal.
In this Currensea evaluation is the excellent, the bad, the unsightly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, allowing us to make revenue 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 usage over the free amount on all our plans, complete information can be discovered on our pricing strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also removes all FX markup on deals.
Whenever you spend with your card we get a small % of the deal, known as interchange, this comes straight from the merchant and will not be charged to you. How To Load Money Into Currensea Card