A new fintech company which I was presented to earlier this year. How To Transfer Money From Bank To Currensea Card…
It has actually won a few awards over recent months for what it does (offering you a low-cost method to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, 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 invest as you would on a regular debit card and the money is drawn from your current account– just without the normal 3% cost.
Oh, and is free to obtain, which also assists.
There are also some fascinating travel benefits if you pick a paid strategy, but the totally free plan works fine. You can use here.
There is a business 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 increasingly more functions which your existing consumers don’t really desire or need
add charges, restrictions or fees to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this process and will ideally remain there. Monzo, curve and revolut are currently in Phase 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 Transfer Money From Bank To Currensea Card
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a little 0.5% charge.
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 charge card offering 0% forex charges, then you do not require a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are few and far in between. The only ‘points and miles’ choices which use a partial service are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX costs and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you desire a product which permits you to make , 500 of foreign currency ATM withdrawals monthly without any costs and only a very little FX mark-up (there is a little fee beyond , 500).
you want 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 said earlier, a really easy process. 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 current account bank immediately verifies that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, includes a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automatic invest alert by means of the app, if you select to install it.
The cash is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the diary, I chose to sprinkle 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 couple of days later:.
However converting pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to happen (typically in a various language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me started. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea promises huge cost savings (85%) and a fantastic app.
I think the finest bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing current account with less worry about lacking cash and the extra step. However that does not mean it is best.
In this Currensea review is the good, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, enabling us to make profits from our Vital Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our plans, complete details can be discovered on our pricing plans.
We charge an annual subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost also removes all FX markup on transactions.
Each time you invest with your card we receive a little % of the deal, known as interchange, this comes straight from the merchant and will not be credited you. How To Transfer Money From Bank To Currensea Card