A new fintech business which I was presented to earlier this year. How Can Other People Add Money To My Currensea Card…
It has actually won a couple of awards over recent months for what it does (using you a low-priced method to invest abroad) but what I like about is that it is simple 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 nothing to top-up or prepay. You just invest as you would on a typical debit card and the cash is drawn from your current account– just without the typical 3% fee.
Oh, and is complimentary to make an application for, which also assists.
There are also some interesting travel benefits if you pick a paid plan, however the totally free plan works fine. You can use here.
There is a business model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or more affordable than the competition
add a growing number of features which your existing consumers don’t really want or require
add restrictions, charges or fees to the feature that made individuals get your item in the first place, eliminating any competitive advantage
is presently still in Phase 1 of this process and will ideally remain there. Revolut, monzo and curve are currently in Phase 3 …
is easy enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How Can Other People Add Money To My Currensea Card
It is a totally free direct debit card to utilize abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% fee.
You don’t (yet …) make any airline company miles or points for using it.
Why would I want to get a card?
If you have a credit card offering 0% foreign exchange costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop reading now.
However, charge card which offer rewards and charge 0% FX costs are few and far between. The only ‘points and miles’ options which offer a partial service are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.
IS possibly for you if:
you don’t have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals each month with no fees and only a minimal FX mark-up (there is a small cost beyond , 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires a simple, easy to understand payment card that will conserve them money when travelling.
How does operate 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 regional currency (any currency, internationally).
Your bank account bank instantly 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. includes a 0.5% cost if you have the totally free card. There are no costs if you have among their paid cards.
You get an automated invest notification by means of the app, if you select to install it.
The money is taken 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 reveals , 4.33 arranged to leave my HSBC account a few days later on:.
Converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to happen (often in a various language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me started. Anyway back to the positives for a bit anyway.
Fortunately over the last few years a handful of fantastic travel debit cards have popped onto the scene … and like other terrific cards guarantees big savings (85%) and an excellent app.
But I believe the best bit might be what no other card does: connects to your existing high street savings account.
What this implies is you can invest money you have in your existing bank account with less worry about lacking cash and the extra step. That does not suggest it is ideal.
In this Currensea review is the great, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Important Strategy of 0.5% per transaction, permitting us to make income from our Vital 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 quantity on all our strategies, full details can be found on our pricing strategies.
We charge a yearly subscription fee of , 25 for our Premium Plan, and , 120 for our Elite Plan. The membership cost also eliminates all FX markup on transactions.
Each time you invest with your card we receive a small % of the deal, known as interchange, this comes straight from the merchant and won’t be charged to you. How Can Other People Add Money To My Currensea Card