A brand-new fintech business which I was presented to previously this year. Are There Fees To Top Up Currensea Card…
It has won a few awards over current months for what it does (offering you an inexpensive way to spend abroad) however what I like about is that it is basic as hell. This is an advantage.
is, efficiently, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a typical debit card and the cash is drawn from your bank account– simply without the usual 3% charge.
Oh, and is totally free to make an application for, which also helps.
There are also some interesting travel advantages if you select a paid plan, but the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and free of charge or cheaper than the competitors
include more and more functions which your existing consumers do not actually need or desire
include charges, charges or constraints to the function that made individuals get your item in the first place, removing any competitive advantage
is currently still in Stage 1 of this procedure and will hopefully remain there. Curve, monzo and revolut 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? Are There Fees To Top Up Currensea Card
It is a totally free direct debit card to use abroad and which immediately recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) make any airline company miles or points for using 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 free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide benefits and charge 0% FX fees are rare. The only ‘miles and points’ alternatives which offer a partial option are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire a product which allows you to make , 500 of foreign currency ATM withdrawals each month with no fees and just a very little FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult children, parents, partner or anybody else in your life who requires a basic, easy to understand payment card that will save them money when taking a trip.
How does work in practice?
It is, as I stated previously, a very basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your current account bank instantly confirms that you have adequate cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% fee if you have the free card. There are no charges if you have among their paid cards.
You get an automated spend notification through the app, if you pick to install it.
The money is drawn from your current account a few days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 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 few days later:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is practically to occur (typically in a various language) while not telling you about the exorbitant currency conversion charges taking place in the background. Do not get me started. Anyway back to the positives for a bit anyway.
Thankfully in recent years a handful of fantastic travel debit cards have actually popped onto the scene … and like other fantastic cards assures huge savings (85%) and a great app.
But I think the very best bit might be what no other card does: connects to your existing high street savings account.
What this indicates is you can invest cash you have in your existing bank account with less worry about lacking cash and the extra step. That does not mean it is perfect.
In this Currensea review is the great, the bad, the awful and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make earnings from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our strategies, full information can be discovered on our rates strategies.
We charge a yearly membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership charge also removes all FX markup on deals.
Whenever you invest with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Are There Fees To Top Up Currensea Card