A new fintech business which I was introduced to previously this year. How To Send Money To Your Currensea Card…
It has won a couple of awards over recent months for what it does (using you a low-cost method to invest abroad) but what I like about is that it is easy as hell. This is a good thing.
is, efficiently, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is nothing to top-up or prepay. You simply spend as you would on a normal debit card and the cash is drawn from your bank account– simply without the normal 3% cost.
Oh, and is free to make an application for, which likewise helps.
There are likewise some fascinating travel advantages if you pick a paid plan, however the free plan works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and totally free or less expensive than the competition
add a growing number of features which your existing customers do not truly want or need
include fees, constraints or charges to the function 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 hopefully remain there. Curve, monzo and revolut are already in Stage 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 To Send Money To Your Currensea Card
It is a free direct debit card to use abroad and which instantly charges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (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 fees, then you do not require a card, unless you desire totally free ATM withdrawals. You can stop checking out now.
Nevertheless, credit cards which provide benefits and charge 0% FX charges are rare. The only ‘miles and points’ options which provide a partial option are the Virgin Atlantic credit cards which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not wish to impact your credit report by getting another credit card specifically to utilize abroad
you want an item which allows 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 charge beyond , 500).
you want an item for you, your adult kids, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will conserve them cash when taking a trip.
How does work in practice?
It is, as I stated earlier, an extremely easy process. 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 current account bank automatically validates that you have enough money in your account and authorises the deal.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% cost. If you have one of their paid cards, there are no charges.
You get an automated invest alert via the app, if you pick to install it.
The cash is taken from your current account a few days later on.
Here is an example. Without any 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 reveals , 4.33 arranged 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 burglary that is practically to occur (frequently in a different language) while not telling you about the outrageous currency conversion costs happening in the background. Don’t get me began. Anyway back to the positives for a bit anyway.
In current years a handful of fantastic travel debit cards have popped onto the scene … and like other fantastic cards Currensea assures big cost savings (85%) and a great app.
However I think the best bit might be what no other card does: connects to your existing high street bank account.
What this means is you can invest cash you have in your existing bank account with less worry about lacking cash and the additional action. That does not suggest 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 strategies have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, permitting us to make profits from our Essential Plan whilst staying more affordable than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free quantity on all our plans, complete details can be found on our prices strategies.
We charge an annual membership cost of , 25 for our Premium Plan, and , 120 for our Elite Strategy. The subscription cost also gets rid of all FX markup on transactions.
Every time you invest with your card we receive a little % of the transaction, called interchange, this comes directly from the merchant and won’t be credited you. How To Send Money To Your Currensea Card