A new fintech business which I was presented to previously this year. How To Top Up A Currensea Card…
It has won a few awards over recent months for what it does (using you an affordable way to spend abroad) however what I like about is that it is easy as hell. This is an advantage.
is, effectively, a direct debit travel card. You just spend as you would on a typical debit card and the money is taken from your current account– simply without the usual 3% cost.
Oh, and is complimentary to look for, which also assists.
There are also some intriguing travel benefits if you pick a paid plan, however the complimentary 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 something well, and totally free or cheaper than the competition
include increasingly more functions which your existing clients don’t actually want or require
add charges, constraints or charges to the feature that made people get your product in the first place, eliminating any competitive advantage
is currently still in Stage 1 of this process and will ideally stay there. Monzo, curve and revolut are already in Phase 3 …
is easy enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? How To Top Up A Currensea Card
It is a free direct debit card to utilize abroad and which immediately charges all purchases to your existing current 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 don’t need a card, unless you desire complimentary ATM withdrawals. You can stop reading now.
Credit cards which offer rewards and charge 0% FX fees are few and far in between. The only ‘points and miles’ alternatives which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS possibly for you if:
you do not have a charge card offering 0% FX fees and do not wish to impact your credit report by getting another credit card particularly to use abroad
you want an item which enables you to make , 500 of foreign currency ATM withdrawals per month with no costs and only a very little FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult children, moms and dads, partner or anyone else in your life who needs an easy, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated earlier, an extremely basic process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, worldwide).
Your current account bank immediately confirms 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% fee. If you have one of their paid cards, there are no charges.
You get an automated spend alert via the app, if you choose to install it.
The money is taken from your bank account a few days later.
Here is an example. Without any foreign travel in the journal, I decided to splash 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 on:.
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 (frequently in a different language) while not telling you about the exorbitant currency conversion charges happening in the background. Do not get me began. Anyhow back to the positives for a bit anyhow.
Fortunately in recent years a handful of excellent travel debit cards have popped onto the scene … and like other great cards promises huge savings (85%) and an excellent app.
I think the best bit may be what no other card does: links to your existing high street bank account.
What this suggests is you can spend money you have in your existing bank account with less worry about running out of money and the additional action. But that does not imply it is perfect.
In this Currensea evaluation is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium strategies have no FX markup, we charge a nominal FX markup on our Necessary Plan of 0.5% per deal, enabling us to make earnings from our Vital Strategy whilst remaining more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM usage over the free amount on all our strategies, complete information can be discovered on our prices plans.
We charge a yearly membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The membership fee also removes 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 To Top Up A Currensea Card