A new fintech business which I was introduced to previously this year. Can I Send Money To My Currensea Card…
It has won a couple of awards over current months for what it does (offering you a low-cost method to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, effectively, a direct debit travel card. You just spend as you would on a regular debit card and the cash is taken from your current account– just without the typical 3% fee.
Oh, and is totally free to obtain, which likewise helps.
There are also some intriguing travel benefits if you pick a paid strategy, but the totally free plan works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and totally free or less expensive than the competition
add more and more features which your existing clients do not truly require or want
include constraints, charges or charges to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will hopefully stay there. Revolut, curve and monzo are currently in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can I Send 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% charge.
That’s it.
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 charge card offering 0% forex costs, then you don’t need a card, unless you desire complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ options which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not wish to affect your credit report by getting another credit card specifically to utilize abroad
you want an item which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and only a minimal FX mark-up (there is a little charge beyond �,� 500).
you desire a product for you, your adult kids, moms and dads, partner or anyone 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 said previously, a very 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, globally).
Your bank account bank instantly validates that you have enough money 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% charge if you have the complimentary card. There are no fees if you have among their paid cards.
You get an automated invest notice through the app, if you choose to install it.
The money is drawn from your current account a few days later.
Here is an example. Without any foreign travel in the diary, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows �,� 4.33 arranged to leave my HSBC account a couple of days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to occur (typically in a various language) while not telling you about the expensive currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Fortunately in the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other excellent cards assures huge cost savings (85%) and a terrific app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this suggests is you can invest money you have in your existing bank account with less worry about lacking money and the additional action. However that does not suggest it is best.
In this Currensea review is the great, the bad, the ugly and the options, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, allowing us to make revenue from our Vital Plan whilst remaining more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the free quantity on all our plans, full information can be discovered on our pricing plans.
Subscription fees.
We charge a yearly membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription charge likewise removes all FX markup on deals.
Interchange.
Whenever you invest with your card we get a small % of the transaction, called interchange, this comes straight from the merchant and won’t be charged to you. Can I Send Money To My Currensea Card