A new fintech company which I was introduced to earlier this year. How Do I Top Up Currensea Credit Card…
It has won a couple of awards over recent months for what it does (providing you a low-priced method to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You merely invest as you would on a normal debit card and the money is drawn from your current account– simply without the usual 3% charge.
Oh, and is free to apply for, which also helps.
There are likewise some fascinating travel benefits if you select a paid plan, but the complimentary strategy works fine. You can use here.
There is a service design in fintech which Curve, Revolut, Monzo etc have actually all followed:
launch by doing one thing well, and totally free or more affordable than the competition
add a growing number of functions which your existing consumers do not really need or want
add costs, charges or limitations to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Revolut, monzo and curve are already in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? How Do I Top Up Currensea Credit Card
It is a free direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.
You do not (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange fees, then you do not need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which use rewards and charge 0% FX costs are few and far in between. The only ‘miles and points’ choices which provide a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX fees and do not wish to impact your credit report by getting another charge card specifically to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals monthly without any charges and just a minimal FX mark-up (there is a small charge beyond , 500).
you want a product for you, your adult kids, parents, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does operate in practice?
It is, as I said earlier, an extremely basic procedure. You utilize 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 automatically validates that you have enough money in your account and authorises the transaction.
The deal 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 costs if you have among their paid cards.
You get an automatic invest notification via the app, if you choose to install it.
The cash is drawn from your current account a couple of days later.
Here is an example. With no foreign travel in the journal, I decided to sprinkle out and buy 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:.
Transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is practically to happen (typically in a various language) while not telling you about the outrageous currency conversion fees happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
Thankfully over the last few years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards guarantees huge cost savings (85%) and a great app.
But I believe the very best bit might be what no other card does: connects to your existing high street checking account.
What this suggests is you can invest cash you have in your existing bank account with less stress over running out of money and the additional action. However that does not mean it is best.
In this Currensea evaluation is the good, the bad, the ugly and the options, so that you can choose.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Vital Strategy of 0.5% per deal, permitting us to make earnings from our Important Strategy whilst staying more affordable than other prepaid cards and high-street debit cards. We also charge an FX markup on ATM usage over the totally free amount on all our plans, complete details can be discovered on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The membership cost likewise eliminates all FX markup on deals.
Every time you spend with your card we get a little % of the deal, referred to as interchange, this comes straight from the merchant and won’t be charged to you. How Do I Top Up Currensea Credit Card