A new fintech company which I was presented to previously this year. How Can I Put Money On My Currensea Card…
It has actually won a few awards over recent months for what it does (using you a low-priced way to invest abroad) however what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. You just spend as you would on a normal debit card and the cash is taken from your present account– simply without the usual 3% cost.
Oh, and is free to obtain, which also assists.
There are likewise some fascinating travel advantages if you pick a paid plan, however the totally free strategy works fine. You can apply here.
There is a service model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add more and more features which your existing consumers don’t truly desire or require
add charges, charges or restrictions to the feature that made people get your product in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Curve, monzo and revolut are already in Phase 3 …
is easy 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? How Can I Put Money On 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 little 0.5% cost.
That’s it.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% forex fees, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX charges and do not want 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 without any charges and just a very little FX mark-up (there is a little cost beyond �,� 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I said previously, a really basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately confirms that you have sufficient money in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the free card, includes a 0.5% fee. If you have one of their paid cards, there are no fees.
You get an automated invest notice through the app, if you pick to install it.
The cash is taken 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 buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals �,� 4.33 scheduled to leave my HSBC account a few days later:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime burglary that is practically to take place (frequently in a different language) while not telling you about the expensive currency conversion charges taking place in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
Fortunately over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards assures huge savings (85%) and a great app.
But I believe the very best bit might be what no other card does: links to your existing high street bank account.
What this suggests is you can invest money you have in your existing current account with less stress over running out of cash and the extra action. That does not mean it is best.
In this Currensea evaluation is the good, the bad, the unsightly and the options, so that you can decide.
FX markup.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Important Plan of 0.5% per deal, allowing us to make revenue from our Necessary Plan whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our strategies, full details can be discovered on our prices strategies.
Membership charges.
We charge an annual membership cost of �,� 25 for our Premium Strategy, and �,� 120 for our Elite Strategy. The membership cost also gets rid of all FX markup on deals.
Interchange.
Every time you invest with your card we get a small % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. How Can I Put Money On My Currensea Card