A new fintech business which I was presented to earlier this year. Top Up Currensea With Virgin Credit Card…
It has actually won a couple of awards over current months for what it does (offering you a low-priced method to invest abroad) but what I like about is that it is basic as hell. This is an advantage.
is, efficiently, 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 simply invest as you would on a typical debit card and the cash is drawn from your current account– simply without the usual 3% cost.
Oh, and is totally free to get, which likewise assists.
There are also some intriguing travel advantages if you select a paid plan, but the free strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have all followed:
launch by doing one thing well, and for free or less expensive than the competitors
include more and more features which your existing consumers do not truly need or want
add costs, limitations or charges to the function that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Monzo, revolut and curve are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the bar in 30 seconds?’ test:
What countries can I use Currensea? Top Up Currensea With Virgin Credit Card
It is a totally free direct debit card to use abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline miles or points for utilizing it.
Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Nevertheless, charge card which use benefits and charge 0% FX costs are few and far between. The only ‘miles and points’ alternatives which provide a partial service are the Virgin Atlantic credit cards which have 0% FX fees in the Euro zone.
IS possibly for you if:
you do not have a credit card offering 0% FX fees and do not want to impact your credit report by getting another credit card specifically to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month without any costs and just a minimal FX mark-up (there is a little charge 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 cash when taking a trip.
How does work in practice?
It is, as I stated previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, globally).
Your current account bank instantly validates that you have adequate 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 free card, adds a 0.5% cost. If you have one of their paid cards, there are no costs.
You get an automatic spend notice via the app, if you select to install it.
The cash is taken from your bank account a few days later on.
Here is an example. With no 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 shows , 4.33 set up to leave my HSBC account a couple of days later:.
However transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daytime break-in that is almost to happen (typically in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Do not get me started. Anyhow back to the positives for a bit anyhow.
Luckily recently a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards guarantees big savings (85%) and a great app.
I think the best bit may be what no other card does: connects to your existing high street bank account.
What this indicates is you can invest cash you have in your existing bank account with less fret about running out of money and the extra step. That does not imply it is ideal.
In this Currensea evaluation is the great, the bad, the ugly and the alternatives, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Necessary Strategy of 0.5% per deal, enabling us to make income from our Necessary Strategy whilst staying much cheaper than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the complimentary amount on all our plans, complete information can be discovered on our prices strategies.
We charge an annual membership charge of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription fee also removes all FX markup on deals.
Every time you invest with your card we get a small % of the transaction, known as interchange, this comes directly from the merchant and will not be charged to you. Top Up Currensea With Virgin Credit Card