A new fintech company which I was presented to earlier this year. How To Transfer Money To My Currensea Card…
It has won a couple of awards over recent months for what it does (using you an affordable method to spend abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. You merely invest as you would on a typical debit card and the cash is taken from your existing account– just without the typical 3% cost.
Oh, and is complimentary to request, which likewise assists.
There are also some fascinating travel advantages if you pick a paid plan, however the free plan works fine. You can use here.
There is a service model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
add increasingly more functions which your existing customers don’t really want or need
add restrictions, fees or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Phase 1 of this process and will hopefully remain there. Curve, Revolut and Monzo are currently in Stage 3 …
is easy 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 To My Currensea Card
It is a free direct debit card to use abroad and which immediately recharges all purchases to your existing current account in Sterling, less a small 0.5% cost.
You do not (yet …) make any airline miles or points for utilizing it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which use benefits and charge 0% FX fees are few and far between. The only ‘points and miles’ choices which provide a partial solution are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS potentially for you if:
you do not have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which allows 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 want a product for you, your adult children, moms and dads, partner or anybody else in your life who needs an easy, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank immediately verifies that you have enough money in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. adds a 0.5% cost if you have the free card. If you have one of their paid cards, there are no costs.
You get an automated invest notice by means of the app, if you pick to install it.
The cash is drawn from your bank account a few days later.
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 reveals , 4.33 set up 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 break-in that is just about to occur (frequently in a various language) while not telling you about the outrageous currency conversion fees occurring in the background. Don’t get me started. Anyhow back to the positives for a bit anyhow.
Fortunately in the last few years a handful of great travel debit cards have popped onto the scene … and like other fantastic cards guarantees big savings (85%) and a terrific app.
However I believe the very best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can invest cash you have in your existing bank account with less stress over running out of money and the additional step. That does not indicate it is perfect.
In this Currensea evaluation is the great, the bad, the awful and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a nominal FX markup on our Important Strategy of 0.5% per transaction, permitting us to make profits from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our strategies, full information can be found on our pricing strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership charge likewise eliminates all FX markup on deals.
Whenever you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. How To Transfer Money To My Currensea Card