A new fintech company which I was introduced to earlier this year. How Do You Add More Money Into Your Currensea Card…
It has won a couple of awards over recent months for what it does (providing you an affordable method to invest abroad) however what I like about is that it is basic as hell. This is an advantage.
is, effectively, a direct debit travel card. You simply invest as you would on a typical debit card and the money is taken from your existing account– just without the typical 3% fee.
Oh, and is free to look for, which likewise assists.
There are also some interesting travel advantages if you pick a paid plan, however the totally free strategy works fine. You can apply here.
There is a service design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and free of charge or cheaper than the competition
include increasingly more features which your existing clients don’t actually require or want
include charges, charges or constraints to the feature that made individuals get your product in the first place, removing any competitive advantage
is presently still in Phase 1 of this process and will ideally stay there. Curve, monzo and revolut are currently in Phase 3 …
is easy 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? How Do You Add More Money Into Your Currensea 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% fee.
You do not (yet …) earn any airline miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you don’t require a card, unless you want free ATM withdrawals. You can stop checking out now.
However, charge card which offer rewards and charge 0% FX costs are rare. The only ‘miles and points’ alternatives which offer a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX costs and do not wish to affect your credit report by getting another charge card particularly to use abroad
you want an item which allows you to make , 500 of foreign currency ATM withdrawals each month without any charges and just a very little FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult children, parents, partner or anyone else in your life who requires an easy, easy to understand payment card that will save them cash when travelling.
How does work in practice?
It is, as I said previously, a really easy process. You use 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 validates that you have sufficient 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. includes a 0.5% charge if you have the totally free card. If you have one of their paid cards, there are no fees.
You get an automated invest alert by means of the app, if you choose to install it.
The money is taken from your bank account a few days later.
Here is an example. With no foreign travel in the journal, I decided to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 scheduled to leave my HSBC account a couple of days later:.
Converting pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is almost to happen (typically in a various language) while not telling you about the inflated currency conversion costs taking place in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
In current years a handful of fantastic travel debit cards have actually popped onto the scene … and like other terrific cards Currensea guarantees huge cost savings (85%) and a great app.
However I think the very best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest money you have in your existing bank account with less stress over lacking money and the extra action. That does not mean it is best.
In this Currensea evaluation is the excellent, the bad, the unsightly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Necessary Plan of 0.5% per transaction, permitting us to make revenue from our Necessary Strategy 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 plans, full details can be discovered on our pricing plans.
We charge an annual membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription fee likewise eliminates all FX markup on deals.
Every 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 Do You Add More Money Into Your Currensea Card