A new fintech company which I was introduced to earlier this year. Where Can I Top Up My Currensea Card…
It has won a couple of awards over current months for what it does (providing you a low-priced way to spend abroad) however what I like about is that it is simple as hell. This is a good thing.
is, effectively, a direct debit travel card. You simply invest as you would on a normal debit card and the cash is taken from your existing account– simply without the typical 3% cost.
Oh, and is totally free to obtain, which also helps.
There are also some intriguing travel advantages if you select a paid strategy, but the totally free strategy works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or more affordable than the competition
include more and more features which your existing clients don’t truly need or desire
add limitations, fees or charges to the feature that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully remain there. Revolut, monzo and curve are currently in Phase 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? Where Can I Top Up My Currensea Card
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish 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 totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX fees are few and far in between. The only ‘miles and points’ alternatives which offer a partial service 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 charge card offering 0% FX fees and do not want to impact your credit report by getting another charge card particularly 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 desire an item for you, your adult children, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them cash when travelling.
How does operate in practice?
It is, as I stated previously, a very easy procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank automatically confirms that you have enough 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. If you have the free card, adds a 0.5% fee. There are no costs if you have one of their paid cards.
You get an automated spend notice through the app, if you choose to install it.
The money is drawn from your bank account a few days later on.
Here is an example. With no foreign travel in the diary, I chose to sprinkle 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 few days later on:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (often in a various language) while not telling you about the exorbitant currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In recent years a handful of excellent travel debit cards have popped onto the scene … and like other fantastic cards Currensea guarantees huge savings (85%) and a fantastic app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this implies is you can spend cash you have in your existing current account with less fret about running out of money and the extra step. That does not mean it is perfect.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make earnings from our Vital Plan whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary quantity on all our strategies, complete details can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription cost likewise removes all FX markup on transactions.
Each time you spend with your card we receive a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Where Can I Top Up My Currensea Card