A new fintech business which I was presented to previously this year. Can I Set Up Standing Irder To My Currensea Card…
It has won a few awards over current months for what it does (offering you an affordable way to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is nothing to top-up or prepay. You just invest as you would on a regular debit card and the cash is taken from your current account– just without the typical 3% charge.
Oh, and is free to request, which likewise assists.
There are also some intriguing travel benefits if you select a paid plan, however the totally free strategy works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing one thing well, and free of charge or less expensive than the competition
add a growing number of features which your existing consumers do not really want or require
include limitations, charges or costs to the feature that made people get your item in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will hopefully stay there. Revolut, monzo and curve are currently in Stage 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? Can I Set Up Standing Irder To My Currensea Card
It is a free direct debit card to utilize abroad and which instantly recharges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You do not (yet …) earn any airline miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% forex charges, then you do not need a card, unless you want totally free ATM withdrawals. You can stop reading now.
Credit cards which provide benefits and charge 0% FX fees are couple of and far between. The only ‘miles and points’ choices which use a partial option are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not 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 want a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a minimal FX mark-up (there is a little fee beyond , 500).
you desire 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 conserve them money when travelling.
How does work in practice?
It is, as I said earlier, an extremely simple 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 automatically verifies 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% cost if you have the totally free card. There are no fees if you have among their paid cards.
You get an automated invest notification via the app, if you pick to install it.
The cash is drawn from your current account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to sprinkle out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (typically in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In recent years a handful of terrific travel debit cards have actually popped onto the scene … and like other great cards Currensea guarantees big cost savings (85%) and a fantastic app.
But I think the best bit might be what no other card does: links to your existing high street checking account.
What this suggests is you can spend money you have in your existing current account with less fret about running out of cash and the additional step. However that does not imply it is perfect.
In this Currensea review is the good, the bad, the ugly and the alternatives, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per deal, enabling us to make profits 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 usage over the free quantity on all our strategies, full information can be found on our rates strategies.
We charge an annual membership charge of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge also removes all FX markup on deals.
Whenever you spend with your card we get a little % of the deal, known as interchange, this comes straight from the merchant and won’t be credited you. Can I Set Up Standing Irder To My Currensea Card