A new fintech business which I was introduced to earlier this year. Can You Transfer Money From Abroad To Currensea Card…
It has actually won a couple of awards over recent months for what it does (offering you a low-priced way to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, effectively, 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 usual 3% cost.
Oh, and is free to obtain, which also assists.
There are likewise some interesting travel benefits if you choose a paid strategy, but the totally free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing something well, and totally free or less expensive than the competitors
add increasingly more functions which your existing consumers don’t actually want or require
add restrictions, charges or charges to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this process and will ideally stay there. Monzo, revolut and curve are currently in Phase 3 …
is basic enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Can You Transfer Money From Abroad To Currensea Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a small 0.5% charge.
That’s it.
You do not (yet …) earn any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex fees, then you don’t require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which provide rewards and charge 0% FX fees are scarce. The only ‘points and miles’ alternatives which use a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you desire a product which enables you to make �,� 500 of foreign currency ATM withdrawals each month with no fees and only a minimal FX mark-up (there is a little fee beyond �,� 500).
you want a product for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when travelling.
How does work in practice?
It is, as I said previously, a really easy process. 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 bank account bank instantly validates that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% fee if you have the complimentary card. If you have one of their paid cards, there are no charges.
You get an automated invest notice through the app, if you select to install it.
The money is drawn from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I chose to splash 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:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (frequently in a different language) while not telling you about the outrageous currency conversion costs taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyhow.
Fortunately recently a handful of great travel debit cards have actually popped onto the scene … and like other terrific cards promises big savings (85%) and an excellent app.
I believe the best bit may be what no other card does: links to your existing high street bank account.
What this indicates is you can invest money you have in your existing bank account with less stress over running out of cash and the extra step. That does not mean it is perfect.
In this Currensea evaluation is the great, the bad, the unsightly and the alternatives, so that you can choose.
FX markup.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, allowing us to make revenue from our Essential Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our plans, full information can be discovered on our prices plans.
Subscription costs.
We charge a yearly subscription cost of �,� 25 for our Premium Plan, and �,� 120 for our Elite Plan. The membership charge likewise gets rid of all FX markup on deals.
Interchange.
Every time you spend with your card we receive a small % of the transaction, known as interchange, this comes directly from the merchant and won’t be credited you. Can You Transfer Money From Abroad To Currensea Card