A new fintech business which I was introduced to earlier this year. Add Cash To Currensea Card…
It has actually won a few awards over current months for what it does (using you a low-cost method to invest abroad) however what I like about is that it is simple as hell. This is an advantage.
is, effectively, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You simply spend as you would on a typical debit card and the money is taken from your bank account– simply without the usual 3% fee.
Oh, and is complimentary to obtain, which also helps.
There are likewise some intriguing travel advantages if you select a paid plan, however the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or less expensive than the competition
add a growing number of features which your existing consumers do not really desire or need
include charges, charges or restrictions to the function that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this procedure and will hopefully stay there. Curve, monzo and revolut are currently in Stage 3 …
is simple 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? Add Cash To Currensea Card
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a little 0.5% fee.
That’s it.
You don’t (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% forex costs, then you don’t need a card, unless you want complimentary ATM withdrawals. You can stop reading now.
However, charge card which use rewards and charge 0% FX charges 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 costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want an item which allows you to make �,� 500 of foreign currency ATM withdrawals each month without any charges and only a minimal 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 an easy, easy to understand payment card that will save them cash when travelling.
How does operate in practice?
It is, as I said earlier, a really easy procedure. 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 verifies 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 on the currency. If you have the totally free card, includes a 0.5% cost. There are no charges if you have one of their paid cards.
You get an automated invest alert by means of the app, if you select to install it.
The cash is taken from your bank account a couple of days later.
Here is an example. Without any foreign travel in the journal, 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 arranged to leave my HSBC account a couple of days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to happen (typically in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards Currensea promises big savings (85%) and a great app.
I believe the finest bit might be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less stress over lacking money and the additional step. But that does not mean it is best.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can choose.
FX markup.
While our premium plans have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per deal, permitting us to make earnings from our Important Strategy whilst staying much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the totally free amount on all our plans, complete details can be discovered on our prices plans.
Subscription costs.
We charge an annual membership fee of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription fee also gets rid of all FX markup on deals.
Interchange.
Each time you invest with your card we receive a small % of the deal, known as interchange, this comes directly from the merchant and won’t be credited you. Add Cash To Currensea Card