A new fintech company which I was introduced to previously this year. Top Up Currensea With Virgin Credit Card…
It has won a few awards over current months for what it does (using you an affordable way to invest abroad) but what I like about is that it is simple as hell. This is a good idea.
is, successfully, 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 normal 3% cost.
Oh, and is totally free to apply for, which likewise helps.
There are likewise some fascinating travel advantages if you select a paid strategy, but the totally free plan works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add more and more functions which your existing customers don’t truly want or need
include restrictions, charges or charges to the feature that made individuals get your product in the first place, getting rid of any competitive advantage
is presently still in Phase 1 of this procedure and will ideally remain there. Monzo, curve and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you discuss it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Top Up Currensea With Virgin Credit Card
It is a free direct debit card to utilize abroad and which immediately recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX costs are couple of and far between. The only ‘points and miles’ options which use a partial option are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not wish 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 monthly without any fees and just a very little FX mark-up (there is a little fee beyond , 500).
you desire a product for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely simple procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank automatically validates that you have sufficient cash 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% charge if you have the free card. There are no costs if you have among their paid cards.
You get an automatic invest alert through the app, if you select to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to splash 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 few days later:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to take place (frequently in a different language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me started. Anyway back to the positives for a bit anyhow.
Fortunately over the last few years a handful of excellent travel debit cards have actually popped onto the scene … and like other terrific cards guarantees huge cost savings (85%) and a terrific app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this means is you can invest cash you have in your existing current account with less worry about running out of cash and the extra action. But that does not mean it is perfect.
In this Currensea evaluation is the good, 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 Strategy of 0.5% per transaction, enabling us to make profits from our Essential Plan whilst remaining more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free quantity on all our strategies, full details can be discovered on our pricing strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee also eliminates all FX markup on transactions.
Every time you invest with your card we get a little % of the deal, called interchange, this comes straight from the merchant and won’t be credited you. Top Up Currensea With Virgin Credit Card