A brand-new fintech business which I was presented to earlier this year. Currensea Send Money To Credit Card…
It has won a few awards over recent months for what it does (offering you a low-cost way to spend abroad) but what I like about is that it is simple as hell. This is an advantage.
is, successfully, a direct debit travel card. You simply invest as you would on a typical debit card and the cash is taken from your existing account– just without the normal 3% cost.
Oh, and is complimentary to make an application for, which also assists.
There are likewise some intriguing travel advantages if you select a paid strategy, however the complimentary plan works fine. You can use here.
There is a company design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing something well, and for free or more affordable than the competitors
add increasingly more functions which your existing customers don’t truly desire or require
include fees, limitations or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Revolut, monzo and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Currensea Send Money To Credit Card
It is a free direct debit card to use abroad and which immediately charges all purchases to your existing current 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 charge card offering 0% forex costs, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
However, credit cards which use benefits and charge 0% FX fees are rare. The only ‘points and miles’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you don’t have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a very little FX mark-up (there is a little charge beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anyone else in your life who requires an easy, easy to understand payment card that will conserve them cash when travelling.
How does work in practice?
It is, as I said earlier, a really basic procedure. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your current account bank instantly validates 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 totally free card, includes a 0.5% charge. There are no charges if you have one of their paid cards.
You get an automatic invest notice by means of the app, if you pick to install it.
The money is drawn from your bank account a few days later.
Here is an example. With no foreign travel in the diary, I decided to sprinkle 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 couple of days later on:.
Transforming pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight burglary that is practically to occur (typically in a different language) while not telling you about the exorbitant currency conversion costs occurring in the background. Do not get me began. Anyhow back to the positives for a bit anyway.
Thankfully in recent years a handful of excellent travel debit cards have actually popped onto the scene … and like other excellent cards guarantees big cost savings (85%) and a terrific app.
But I think the best bit might be what no other card does: connects to your existing high street checking account.
What this means is you can spend money you have in your existing bank account with less worry about running out of cash and the additional step. That does not indicate it is best.
In this Currensea review is the good, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Important Plan of 0.5% per transaction, permitting us to make income from our Important Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, full details can be found on our rates strategies.
We charge a yearly membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership fee likewise eliminates all FX markup on transactions.
Whenever you spend with your card we get a small % of the transaction, known as interchange, this comes straight from the merchant and will not be credited you. Currensea Send Money To Credit Card