A new fintech company which I was presented to earlier this year. Currensea Top Up Credit Card…
It has actually won a couple of awards over recent months for what it does (offering you an affordable method to invest abroad) however what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. You just invest as you would on a typical debit card and the cash is taken from your existing account– simply without the normal 3% charge.
Oh, and is free to request, which also assists.
There are likewise some fascinating travel advantages if you pick a paid strategy, but 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 something well, and free of charge or cheaper than the competition
add increasingly more features which your existing customers do not truly need or desire
include limitations, charges or fees to the function that made people get your item in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will hopefully remain there. Curve, monzo and revolut are already 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 Top Up Credit Card
It is a complimentary direct debit card to utilize abroad and which automatically recharges all purchases to your existing bank account in Sterling, less a small 0.5% charge.
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 charge card offering 0% forex charges, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which offer rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ alternatives which use a partial service are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX charges and do not wish to impact your credit report by getting another credit card particularly to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals monthly without any fees and just a minimal FX mark-up (there is a small cost beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will save them money when taking a trip.
How does operate in practice?
It is, as I said previously, a really simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, worldwide).
Your current account bank immediately validates that you have sufficient cash in your account and authorises the deal.
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% cost. There are no fees if you have one of their paid cards.
You get an automated invest notification through the app, if you pick to install it.
The money is taken from your current account a few days later.
Here is an example. With no foreign travel in the diary, I chose to sprinkle out and purchase 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:.
However converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is practically to take place (typically in a various language) while not telling you about the exorbitant currency conversion charges taking place in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
Luckily in the last few years a handful of great travel debit cards have actually popped onto the scene … and like other great cards guarantees huge cost savings (85%) and an excellent app.
I think the finest bit may be what no other card does: links to your existing high street bank account.
What this means is you can spend cash you have in your existing bank account with less stress over lacking money and the extra action. That does not suggest it is perfect.
In this Currensea review is the good, the bad, the unsightly and the alternatives, so that you can decide.
While our premium plans 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 Essential Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, full details can be found on our rates strategies.
We charge a yearly subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership fee also removes all FX markup on deals.
Every time you invest with your card we get a small % of the transaction, referred to as interchange, this comes straight from the merchant and will not be credited you. Currensea Top Up Credit Card